Pakistan has shifted its position on cryptocurrencies from a complete ban to legalization and regulation within a matter of months, and around 70 global exchanges are now seeking licenses to enter the country’s emerging digital asset market, according to Bilal Bin Saqib, Chairman of the Pakistan Virtual Asset Regulatory Authority. Speaking at a press briefing, Saqib said the interest from major international exchanges reflects how quickly Pakistan’s regulatory stance on digital assets has moved since the ban was lifted, with companies that meet the country’s regulatory requirements set to be issued licenses to buy and sell digital assets.
Saqib said PVARA had built its regulatory framework for digital assets within six months, and that companies applying for licenses would be approved once they meet the conditions set out under the framework. He also raised the possibility of tokenizing government debt and Roshan Digital Accounts as part of the country’s future digital asset initiatives, pointing to these as areas PVARA is exploring alongside the exchange licensing process. Beyond licensing and tokenization, Saqib highlighted digital remittances as another area where blockchain-based systems could bring measurable savings, saying the current cost of sending remittances to Pakistan stood at around 6.5 percent and could fall to as low as 1 percent through digital channels.
According to Saqib, that reduction in remittance costs could translate into savings of roughly 410 million dollars for Pakistanis sending money home, underscoring the financial case for expanding digital payment rails alongside the exchange licensing effort. PVARA itself was established as Pakistan’s dedicated regulator for virtual assets after the Virtual Assets Ordinance was issued in July 2025, followed by the Virtual Assets Act, which was enacted in March 2026. The law gave PVARA the authority to license and supervise virtual asset service providers, with its framework covering licensing, consumer protection, cybersecurity, and anti-money laundering requirements.
The licensing framework was further put into effect through regulations notified in August 2026, which require virtual asset service providers to obtain formal licenses before they can offer services within Pakistan. With around 70 major global exchanges now in the process of seeking licenses, the coming months are expected to show how many of these companies actually clear PVARA’s requirements and begin formal operations in the country. No specific list of applicant exchanges was disclosed, and PVARA has not yet indicated a timeline for when the first licenses might be issued.
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