TechFlow, September 14 — According to Cointelegraph, Pakistan has recently invited international crypto companies to apply for operating licenses under a new federal regulatory framework, allowing leading exchanges and virtual asset service providers (VASPs) to participate.
Eligibility Requirements: The Pakistan Virtual Assets Regulatory Authority (PVARA) requires applying firms to already hold licenses from recognized regulatory bodies, such as the U.S. Securities and Exchange Commission (SEC), the UK Financial Conduct Authority, the EU VASPs framework, the UAE Virtual Assets Regulatory Authority, or the Monetary Authority of Singapore.
Submission Requirements: Applications must include company profile, existing licenses and jurisdictions, proposed services (e.g., trading, custody, and payments), technical and security standards, asset management practices, revenue information, compliance records, and business model targeting Pakistan.
PVARA stated that the framework aims to combat illicit financing while unlocking opportunities in fintech, remittances, and tokenization, including launching Sharia-compliant products via a regulatory sandbox.
Established under the 2025 Virtual Assets Act, PVARA is responsible for licensing, regulating, and supervising VASPs in accordance with standards set by the Financial Action Task Force (FATF), the International Monetary Fund (IMF), and the World Bank.
