Pakistan is inviting global cryptocurrency businesses to begin the process of securing licenses to operate in the country.
The Pakistan Virtual Asset Regulatory Authority (PVARA) issued a formal call for international exchanges and digital asset firms to submit their interest in entering the local market.
Applicants must already hold licenses from recognized regulatory authorities in other countries. These include the US Securities and Exchange Commission (SEC), the UK’s Financial Conduct Authority (FCA), the European Union’s VASP regime, the United Arab Emirates’ Virtual Assets Regulatory Authority, and Singapore’s Monetary Authority.
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PVARA has requested that companies provide detailed information about their background and operations. This includes their existing licenses, the countries in which they operate, the services they offer, their technology infrastructure, and the measures they take to ensure security.
They must also explain how they plan to tailor their business to meet Pakistan’s market and regulatory requirements.
The new licensing system aims to help reduce unlawful financial activities and to support the growth of financial technology and innovation. It may also allow for testing of products that comply with Islamic finance principles through regulatory pilot programs.
The authority responsible for overseeing this initiative, PVARA, was established under the Virtual Assets Ordinance 2025. Its job is to approve, monitor, and manage crypto-related service providers while following international regulatory standards.
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