In a significant move toward formalizing digital asset operations, Pakistan has officially called upon international cryptocurrency enterprises to submit applications for operational licenses. The initiative falls under the oversight of the country’s newly established regulatory body, the Pakistan Virtual Asset Regulatory Authority (PVARA). This development marks a pivotal step in Pakistan’s efforts to integrate cryptocurrency into its financial ecosystem while ensuring robust oversight.
Prospective firms must adhere to stringent eligibility criteria, which include demonstrating a proven track record of compliance with international anti-money laundering (AML) and counter-terrorism financing (CTF) standards. Additionally, applicants are required to showcase operational transparency, secure technological infrastructure, and a commitment to consumer protection protocols. The licensing framework aims to foster a secure and regulated environment for digital asset transactions, aligning with global financial security norms.
This regulatory advancement is expected to attract reputable crypto businesses, potentially boosting foreign investment and technological innovation within Pakistan’s economy. By implementing a structured licensing process, the government seeks to mitigate risks associated with unregulated crypto activities while promoting legitimate growth in the sector. The move reflects a broader trend of nations adopting measured approaches to cryptocurrency regulation, balancing innovation with financial integrity.
