PVARA seeks global partners to build secure, inclusive digital finance ecosystem

September 13, 2025 (MLN): Pakistan has taken a significant step toward regulating its digital economy as the Pakistan Virtual Asset Regulatory Authority (PVARA) issued a call for Epressions of Interest (EoI) from established global exchanges and Virtual Asset Service Providers (VASPs) seeking to enter the country’s growing virtual assets market.

This initiative marks a pivotal move in formalizing and fostering a secure and innovative ecosystem, fully aligned with international standards set by the Financial Action Task Force (FATF), the IMF and the World Bank.

With over 40 million users and an estimated annual trading volume exceeding $300bn, Pakistan stands as one of the world’s most dynamic frontier opportunities in the virtual assets space.

The landmark Virtual Assets Ordinance, 2025 (Ordinance No. VII of 2025), promulgated on July 8 and published in the Gazette of Pakistan on July 9, empowers PVARA to license, regulate and supervise VASPs.

Its mandate includes ensuring robust anti-money laundering (AML), counter-terrorism financing (CFT) and cybersecurity measures, while also promoting Shariah-compliant innovation through regulatory sandboxes.

Bilal bin Saqib, Chairman of PVARA and Minister of State for Crypto and Blockchain, described the initiative as a milestone in building a modern financial ecosystem, stating, “This EoI is our invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan.”

Under the eligibility criteria, the process is open to VASPs and exchanges licensed in at least one recognized international jurisdiction, such as the US SEC/MSB, UK FCA, EU VASP, UAE VARA, or Singapore MAS, and with proven AML/CFT/KYC compliant operations.

Submissions must include a comprehensive company profile, licensing details with relevant jurisdictions and authorities, license numbers and dates, an operational overview covering services such as trading and custody, technology and security measures, assets under management or revenue, compliance history, and proposed models tailored for the Pakistan market.

Interested firms are required to submit their applications in PDF format via email to info@pvara.gov.pk with the subject line “EoI VASP Licensing – [Company Name].” Applications will be accepted on a rolling basis and can also be addressed to PVARA Headquarters, Suite #12, Ground Floor, Evacuee Trust Building, next to Marriott Hotel, Islamabad.

As an autonomous federal body, PVARA is tasked with overseeing the country’s virtual assets sector to combat illicit finance, protect consumers, and unlock opportunities in fintech, remittances and tokenized assets.

Governed by a multi-stakeholder board comprising the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and the Chairman of the Federal Board of Revenue (FBR), PVARA ensures compliance with global best practices while fostering innovation for Pakistan’s population of 250 million.

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