Pakistan Invites Global Crypto Firms to Partner

Pakistan invites global crypto firms to join its digital economy.

The Pakistan Virtual Assets Regulatory Authority (PVARA) has invited leading global crypto companies to apply for participation in the country’s emerging digital economy, according to local media reports.

The agency is authorized to license and oversee VASP. According to its mandate, PVARA adheres to international standards set by the FATF, the IMF, and the World Bank, ensuring mechanisms to combat money laundering, terrorism financing, and cybersecurity.

According to the Ministry of Finance, the country’s crypto market comprises over 40 million users, with an annual turnover exceeding $300 billion.

“This expression of interest is our invitation to leading global VASPs to collaborate in building a transparent and inclusive digital financial future for Pakistan,” said PVARA Chairman and Minister of State for Cryptocurrency and Blockchain Bilal bin Saqib.

Only companies and exchanges already licensed by recognized industry regulators are eligible to participate:

• The U.S. Securities and Exchange Commission;
• The UK Financial Conduct Authority;
• The EU VASP system;
• The UAE Virtual Assets Regulatory Authority;
• The Monetary Authority of Singapore.

Applicants must specify their business profile, services offered, technologies used, and security standards. They must also disclose assets under management, revenue, compliance history, and describe the proposed business model for operating in the country.

In May, bin Saqib, then an advisor to the Prime Minister, announced the creation of a national bitcoin reserve. Pakistani authorities revealed plans to allocate 2 GW of surplus electricity for mining digital gold and powering AI data centers.

These initiatives prompted a sharp reaction from the IMF, which requested urgent clarification regarding the legal framework of these steps and the reallocation of energy amid the country’s chronic shortages.