70 Major Global Exchanges Seek Licences in Pakistan’s Digital Asset Market

Pakistan has shifted its position on cryptocurrencies from a complete prohibition to legalization and regulation within a short period, according to Bilal Bin Saqib, Chairman of the Pakistan Virtual Asset Regulatory Authority (PVARA). Speaking at a press conference, Saqib revealed that approximately 70 major global exchanges are currently applying for licenses to enter Pakistan's burgeoning digital-asset market.

The nation is also exploring the tokenization of government debt and Roshan Digital Accounts (RDAs) as part of its future digital-asset strategies. For companies adhering to the regulatory guidelines, PVARA will issue licenses to trade in digital assets. Bin Saqib emphasized that the regulatory framework for digital assets was developed within a six-month timeframe, and companies would obtain licenses upon meeting the specified conditions.

Additionally, digital remittances could substantially lower the cost of transferring money to Pakistan, currently at 6.5 percent, potentially reducing it to just 1 percent via digital channels, resulting in potential savings of around $410 million. The PVARA was established as Pakistan's exclusive regulator for virtual assets following the promulgation of the Virtual Assets Ordinance in July 2025 and the enactment of the Virtual Assets Act in March 2026.

The law empowers PVARA to license and oversee virtual asset service providers, covering licensing, consumer protection, cybersecurity, and anti-money laundering requirements. The licensing framework was further implemented through regulations issued in August 2026, mandating virtual asset service providers to secure formal licenses before providing services in Pakistan.