Pakistan Opens Doors to Global Crypto Exchanges Amid Fintech Boom

Pakistan has taken a significant step towards legitimizing its cryptocurrency sector by inviting international exchanges to apply for operating licenses under its new regulatory framework. The Pakistan Virtual Asset Regulatory Authority (PVARA) issued Expressions of Interest for leading platforms seeking market entry.

The initiative targets the country's estimated 40 million crypto users with $300 billion in annual trading volumes, aiming to curb illicit finance while unlocking opportunities in fintech, remittances, and tokenized assets. Eligibility requires existing licenses from recognized international regulators, including the U.S. SEC, U.K. FCA, EU VASP framework, UAE VARA, or Singapore's MAS.

PVARA operates under the Virtual Assets Ordinance 2025, establishing federal oversight aligned with FATF, IMF, and World Bank standards. The regulatory body includes multi-stakeholder governance, featuring representatives from Pakistan's central bank, securities commission, and federal revenue board.