Overview

• The Pakistan Virtual Asset Regulatory Authority, created by the July Virtual Assets Ordinance, on September 14 invited international exchanges and service providers to submit applications.
• Eligibility is limited to firms already licensed by bodies such as the SEC, FCA, or regulators in the EU, UAE, or Singapore, and submissions must include security, custody, capital details, and a Pakistan-specific business plan.
• Applications will be reviewed on a rolling basis via email with no deadline, and finance officials expect at least three more months before any licenses are issued.
• Officials are tying the effort to a broader strategy that includes a proposed strategic Bitcoin reserve and an allocation of 2,000 megawatts for Bitcoin mining and AI data centers.
• Pakistan cites strong demand with more than 40 million users and over $300 billion in annual crypto trading, as the IMF questions the power allocation and the framework commits to FATF-aligned controls and a Shariah Advisory Committee.