Pakistan’s PVARA Calls for Global Crypto Exchanges to Register Under New Rules

Pakistan has taken another major step toward regulating its fast-growing digital economy. The Pakistan Virtual Asset Regulatory Authority (PVARA) has officially issued a global call for expressions of interest (EoI), inviting international crypto exchanges and virtual asset service providers (VASPs) to register and operate under a clear regulatory framework.

This marks a turning point for Pakistan’s crypto market, which has grown rapidly but until now lacked structured oversight.

Pakistan is home to over 40 million crypto users, making it one of the largest digital asset communities in the world. According to estimates, the country’s annual crypto trading volume exceeds $300 billion, driven largely by peer-to-peer (P2P) activity.

For years, most exchanges and firms operated anonymously, outside of any legal supervision. With the launch of PVARA, the government now wants to bring these players into a regulated ecosystem, ensuring transparency, accountability, and investor protection.

What PVARA Expects from Exchanges

PVARA’s announcement requires both local and international crypto firms to formally register under its framework. This includes:

• Obtaining licenses to operate as exchanges or VASPs.
• Reporting and recording all transactions, including peer-to-peer transfers.
• Adhering to anti-money laundering (AML) and counter-terrorism financing (CTF) rules.
• Sharing data with regulators to prevent financial crimes.

The move aligns Pakistan with international financial watchdogs like the IMF, World Bank, and FATF, ensuring that the country remains compliant with global standards.

By issuing this global call, Pakistan is positioning itself as a serious contender in the South Asian crypto market. While India and Bangladesh have taken restrictive approaches, Pakistan appears to be embracing regulation as a way to attract foreign investment, encourage innovation, and protect its citizens from fraud.

Industry experts believe this could unlock new opportunities for Bitcoin mining companies, blockchain startups, and tokenization projects, provided they comply with PVARA’s rules.

With many embraces, some experts remain cautious. Former FBR Chairman Shabbar Zaidi has warned that under the country’s current financial structure, regulating cryptocurrencies may prove nearly impossible. He argued that virtual assets thrive on anonymity, making them difficult to monitor, and even risk becoming an alternative to informal systems like hawala and hundi.

Zaidi noted that although millions of Pakistanis are already trading crypto, without structural reforms in the financial system, bringing this space under full regulatory control could remain a challenge.

The success of this initiative depends on how quickly exchanges respond and how effectively the framework is implemented. If executed well, Pakistan could transform from a shadow crypto market into a regulated hub for digital assets in South Asia.

For millions of Pakistanis, this means safer access to digital assets, more trustworthy platforms, and an economy that is ready to embrace blockchain innovation.