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Pakistan is making its own big move. The government has launched the Pakistan Virtual Assets Regulatory Authority (PVARA) under the newly enforced Virtual Assets Ordinance 2025, inviting international crypto exchanges and service providers to apply for licenses and operate legally in the country.
With over 40 million crypto users and an estimated $300 billion in yearly trading volume, Pakistan’s crypto market is too big to ignore. Until now, however, it lacked a clear regulatory framework.
For years, Pakistan’s crypto industry has operated in a legal grey zone, raising concerns around fraud, money laundering, and investor safety. Officials say the new framework is designed to fix this.
“By creating clear rules, Pakistan signals to global investors that it is serious about digital assets,” said one senior finance official.
The new licensing drive will be highly selective. Only exchanges already licensed by global regulators such as the US SEC, UK FCA, EU VASP, UAE VARA, or Singapore’s MAS will qualify.
Applicants must prove:
“Only the most transparent and compliant firms will succeed,” a PVARA spokesperson noted.
To ensure regulation doesn’t stifle progress, PVARA has introduced regulatory sandboxes. These allow companies to test products in controlled environments, including Shariah-compliant crypto solutions that cater to local cultural needs.
The framework follows IMF, World Bank, and FATF guidelines, boosting international trust.
The PVARA board will include leaders from:
Their priorities are consumer protection, cybersecurity, and anti-illicit finance measures.
Earlier this year, Pakistan also launched the Pakistan Crypto Council and enlisted Binance founder Changpeng Zhao (CZ) as a strategic adviser—signaling strong global alignment.
Applications for PVARA licenses are open on a rolling basis. With low business costs, a skilled workforce, and a huge crypto user base, Pakistan aims to position itself as a regional hub for digital assets.
“Pakistan is offering both regulatory stability and massive growth potential,” said a government adviser. “For global firms, it’s a chance to enter a market that’s ready for trusted platforms. For local users, it means safer and more transparent services.”
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