Pakistan is inviting the world’s biggest cryptocurrency companies to set up operations under a new federal regime, offering licences only to firms already recognised by top regulators in the United States, Europe, the United Kingdom, the United Arab Emirates and Singapore.
The call for proposals comes from the newly created Pakistan Virtual Asset Regulatory Authority (PVARA), which is tasked with bringing order to a market estimated to handle more than $300 billion in annual trading.
PVARA, established under the Virtual Assets Ordinance 2025, is asking exchanges and virtual asset service providers (VASPs) to submit detailed Expressions of Interest.
Applicants must present company profiles, proof of existing licences, records of anti-money-laundering and counter-terrorism financing compliance, technology and security standards, and a business model tailored for Pakistan.
Bilal bin Saqib, PVARA chair and minister of state for crypto and blockchain, said,
“This EoI is our invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan.”
Authorities see crypto as a way to attract foreign capital and modernise the financial system.
Pakistan ranks third globally in cryptocurrency adoption, according to Chainalysis, with more than 40 million users already active.
Officials believe regulated platforms could channel this activity into legitimate investments, boost remittances and provide new payment systems.
The framework also includes regulatory sandboxes to test services such as tokenisation pilots, custody solutions and Shariah-compliant products.
Earlier this year, the government announced a strategic Bitcoin reserve and allocated 2,000 megawatts of surplus electricity to support Bitcoin mining and artificial intelligence centres.
Speaking at the Bitcoin 2025 conference in Las Vegas, Bilal bin Saqib said these steps signal a “new pro-crypto regulatory approach” designed to diversify the economy and create jobs.
The International Monetary Fund has voiced unease about using subsidised power for crypto mining, warning it could strain the energy grid.
Economist and former Federal Board of Revenue chairman Shabbar Zaidi added that digital currencies “flourish because they leave no trail. A currency born unregulated cannot be regulated,” highlighting worries over illicit cross-border transfers and parallels with the informal hawala system.
PVARA’s governing board brings together the State Bank of Pakistan, the Securities and Exchange Commission and the Federal Board of Revenue to ensure strong oversight.
Applications are accepted on a rolling basis, and companies must demonstrate robust cybersecurity and consumer protection measures while meeting international norms set by the Financial Action Task Force, IMF and World Bank.
Coinlive views Pakistan’s invitation to global crypto giants as a bold economic experiment.
By offering licences only to firms already vetted by heavyweight regulators, Islamabad is chasing credibility while trying to turn its thriving informal crypto scene into a formal industry.
The rewards could be immense: foreign investment, jobs for a young tech-savvy population and a new role in global finance.
Yet the risks are equally clear.
Energy pressures, IMF resistance and the challenge of policing decentralised assets could test the country’s resolve.
Pakistan now stands at a crossroads where ambition meets regulation, and its next moves will reveal whether it can transform enthusiasm into sustainable growth without losing control of the very market it hopes to lead.
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