The newly created Pakistan Virtual Assets Regulatory Authority (PVARA) has sent a formal invitation to international cryptocurrency companies, urging them to apply for a license to operate in the country and serve its approximately 40 million cryptocurrency users, according to a local publication.
Created in July, the PVARA requires all cryptocurrency companies to be licensed. The statement from the Ministry of Finance urges companies that are already regulated in major jurisdictions such as the United States, the European Union, or Singapore to submit their applications.
Applicants must meet strict requirements, including minimum capital, robust security systems, and Sharia compliance overseen by Islamic finance experts.
PVARA Chairman Bilal bin Saqib said:
"This [expression of interest] is our invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan."