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Pakistan has opened its gateway to global cryptocurrency enterprises, encouraging prominent exchanges and virtual asset service providers (VASPs) to seek licenses under a new federal framework.
On Saturday, the Pakistan Virtual Asset Regulatory Authority (PVARA) urged major crypto companies to submit Expressions of Interest (EoIs) to penetrate the nation’s digital asset sector, according to a report by the local news source Dawn.
“This EoI serves as our invitation to the leading VASPs globally to collaborate in fostering a transparent and inclusive digital financial future for Pakistan,” stated Bilal bin Saqib, PVARA chair and minister of state for crypto and blockchain.
Eligibility is confined to companies already authorized by recognized regulators, including the US Securities and Exchange Commission (SEC), the UK Financial Conduct Authority, the EU’s VASP framework, the UAE’s Virtual Assets Regulatory Authority, and the Monetary Authority of Singapore.
Related: Demographics will ‘accelerate’ Bitcoin adoption in Pakistan — Bilal Bin Saqib
Pakistan establishes rigorous entry standards
Submissions must encompass company profiles, current licenses and jurisdictions, proposed services (including trading, custody, and payments), technology and security protocols, assets managed, revenues, compliance history, and a Pakistan-specific business framework.
PVARA indicated that the framework intends to combat illicit finance while opening up opportunities in fintech, remittance, and tokenization, including Shariah-compliant offerings through regulatory sandboxes.
PVARA, established under the Virtual Assets Ordinance 2025, is responsible for licensing, regulating, and supervising VASPs in accordance with guidelines set by the Financial Action Task Force (FATF), International Monetary Fund (IMF), and World Bank.
Related: Pakistan’s crypto minister and El Salvador’s president discuss Bitcoin strategy
Pakistan ranks third in worldwide crypto adoption
As Cointelegraph reported, Pakistan ascended to the third position in Chainalysis’ 2025 Global Crypto Adoption Index, gaining six spots and emerging as one of the globe’s fastest-growing cryptocurrency markets.
In May, Pakistan revealed intentions to establish a government-led Bitcoin Strategic Reserve. During the Bitcoin 2025 conference in Las Vegas, Bilal Bin Saqib remarked that this action reflects Pakistan’s new pro-crypto regulatory stance.
The nation also allocated 2,000 megawatts of excess electricity for Bitcoin (BTC) mining and AI centers as part of an initiative helmed by the Pakistan Crypto Council and backed by the Ministry of Finance.
However, in July, the IMF expressed apprehensions regarding Pakistan’s strategy to utilize surplus electricity for cryptocurrency mining, rejecting a proposal for providing subsidized energy to energy-intensive sectors, including Bitcoin miners.
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