Pakistan is welcoming international crypto businesses by inviting major exchanges and VASPs to apply for licenses under a new federal regime. Eligibility is limited to firms already licensed by recognized regulators such as the SEC, FCA, and VASP framework. The move aims to curb illicit finance while unlocking fintech opportunities.

Submissions for licenses should include company profiles, existing licenses, proposed services, compliance track record, and a Pakistan-specific business model. PVARA, set up under the Virtual Assets Ordinance 2025, is tasked with regulating VASPs in line with FATF, IMF, and World Bank standards. Pakistan emerged as the third in global crypto adoption rankings.

Pakistan recently announced plans to establish a government-led Bitcoin Strategic Reserve and earmarked 2,000 megawatts of surplus electricity for Bitcoin mining and AI centers. However, the IMF expressed concerns regarding Pakistan’s plan to use surplus electricity for crypto mining. The country is making strides in the crypto industry.

Read more at Cointelegraph: Pakistan Invites Global Crypto Firms to Apply for Licenses