Pakistan has formally rolled out the licensing process for cryptocurrency exchanges, a landmark move that brings the country’s massive crypto market under official regulation. The Pakistan Virtual Assets Regulatory Authority (PVARA) has invited global service providers to apply for licences to operate in the country.
Industry experts estimate Pakistan’s crypto market serves around 40 million users with an annual trading volume nearing $300 billion, ranking among the largest unregulated markets globally. The creation of PVARA is intended to align Pakistan with international compliance standards while mitigating financial risks linked to unregulated trading.
Under the new framework, applicant firms must:
- Hold permits from reputable global regulators
- Follow strict Know Your Customer (KYC) rules
- Provide detailed corporate disclosures
The regulatory authority emphasized balancing innovation and financial security, curbing illegal activity while fostering growth in the fintech and blockchain sectors. Analysts believe the move could attract foreign investment and inject greater transparency into Pakistan’s digital finance ecosystem.
Pakistan’s Crypto Roadmap
Earlier this year, the government formed the Pakistan Crypto Council (PCC) to guide policy on blockchain integration and digital assets. The council appointed Bilal bin Saqib as Chief Advisor to the Finance Minister on crypto affairs.
The PCC, chaired by Finance Minister Muhammad Aurangzeb, includes the Governor of the State Bank of Pakistan, the SECP Chairman, the Federal Law Secretary, and the IT Secretary on its board. In April 2025, Aurangzeb unveiled the council’s logo alongside Binance Founder Changpeng Zhao, who joined as the council’s strategic adviser.
According to the Finance Division, the PCC reflects Pakistan’s commitment to a digital finance future, aiming to position the country as a regional leader in blockchain adoption and regulated crypto trading.
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