40 million users, annual volume of 300 billion dollars! Pakistan opens applications for encryption licenses.

The Pakistan Virtual Assets Regulatory Authority (PVARA) has officially extended an invitation to global crypto assets companies: as long as they have obtained regulatory approval from major jurisdictions such as the United States, the European Union, or Singapore, they can apply to operate in Pakistan and provide services to 40 million local digital asset users. This initiative marks a new open phase for the Pakistan crypto market, with a potential annual volume of up to 300 billion dollars.

####PVARA: Establishing a Transparent and Inclusive Digital Financial Future for Pakistan

PVARA was established in July 2025 under the Virtual Assets Act, aiming to provide a comprehensive regulatory framework for Pakistan's rapidly growing digital assets industry.

Application requirements: Must have obtained regulatory approval in at least one major jurisdiction (such as the United States, European Union, Singapore).

Regulatory requirements: Must meet minimum capital standards, have a robust security system, and maintain a compliance program.

Religious regulations: Services must comply with Islamic law under the guidance of the Islamic Scholars Committee.

PVARA Chairman and Minister of State for Crypto and Blockchain Bilal bin Saqib stated: "This is our invitation to the world's leading Virtual Asset Service Providers (VASP) to work together to create a transparent and inclusive digital financial future for Pakistan."

####Application Process and Required Information

#####The company applying must submit:

1. Existing regulatory license certificate

2. Company Operations and Technical Architecture

3. Security Protocols and Compliance History

4. Specific plan to serve the Pakistan market

5. The immense potential of the crypto market in Pakistan

#####According to official data:

User scale: Over 40 million

Annual volume: expected to exceed 300 billion USD

Policy direction: The government recently established a Crypto Assets committee, with members including Binance co-founder Zhao Changpeng, plans to expand Bitcoin mining scale, and establish strategic Bitcoin reserves.

This means that Pakistan is shifting from "watching" to "actively embracing" Crypto Assets and hopes to accelerate market maturity through international cooperation.

####Conclusion

With the opening of crypto license applications by PVARA, Pakistan is sending a clear signal to global crypto companies: this is a blue ocean market with a large user base and policy support. For exchanges and crypto service providers that are already licensed in major jurisdictions, this may be the best time to enter South Asia and capture market share in emerging markets.