Pakistan Opens Doors: Crypto Firms Invited To Serve 40 Million Users

Pakistan’s crypto regulator has formally invited large overseas exchanges and virtual asset service providers to apply for local licenses, opening a new chapter for the country’s crypto ￰0￱ to PVARA, the call comes through an Expression of Interest process and it follows the passage of a new Virtual Assets Ordinance this year. Pakistan: Expression Of Interest Launched Based on reports , the Pakistan Virtual Asset Regulatory Authority (PVARA) is asking established crypto firms to submit EOIs if they want to operate in the country’s ￰1￱ authority says it will accept applications from global exchanges and VASPs that meet the set ￰2￱ move is intended to create a formal, supervised avenue for international players to serve local ￰3￱ And Compliance Rules Reports have disclosed that applicants must already hold licenses in at least one recognized jurisdiction, such as the US, UK, EU, UAE or ￰4￱ are also expected to show strong anti-money laundering, counter-terrorism financing and KYC procedures as part of their ￰5￱ has asked firms to provide company profiles, details of operations and security plans when they express ￰6￱ Size And Numbers Pakistan’s authorities estimate the country’s virtual-asset user base at about 40 million people, with annual trading volumes around $300 billion, figures that underline the scale of the opportunity and the challenge for ￰7￱ numbers are being cited by PVARA and several local outlets as part of the justification for bringing international exchanges into a supervised ￰8￱ Background And Timing The Virtual Assets Ordinance, which set up PVARA, came into effect earlier this year and gives the new authority powers to license and oversee virtual asset activity across ￰9￱ bank and finance officials have said the regulations aim to align local rules with global standards advocated by groups such as the ￰10￱ move follows months of planning that included talks about a possible central bank digital currency ￰11￱ observers say regulated entry could attract established exchanges and help protect consumers, while also making it harder for illicit activity to hide in unregulated ￰12￱ the same time, companies face compliance costs and the need to adapt to local ￰13￱ experts point out that passing rules is one thing; enforcing them is ￰14￱ quality of oversight will decide whether the licensing program meets its ￰15￱ image from PlanetofHotels.

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