Pakistan’s rapidly developing digital asset sector is attracting strong interest from international cryptocurrency exchanges, with around 70 major global platforms reportedly seeking licences to operate in the country.
Bilal Bin Saqib, Chairman of the Pakistan Virtual Asset Regulatory Authority (PVARA), said Pakistan has undergone a major shift in its approach to digital assets within just a few months.
Speaking at a press briefing on Thursday, Saqib said the country had moved from a position of completely banning cryptocurrencies toward establishing a regulated framework for digital asset activities.
The development signals a significant change in Pakistan’s digital finance policy as authorities seek to bring cryptocurrency-related businesses under a formal regulatory structure.
According to Saqib, approximately 70 major international exchanges have expressed interest in obtaining licences to enter Pakistan’s emerging digital asset market.
Companies that meet the regulatory requirements will be allowed to receive licences for activities including the buying and selling of digital assets.
The licensing process is expected to provide a formal legal and regulatory pathway for companies seeking to operate within Pakistan’s cryptocurrency and virtual asset ecosystem.
Saqib said the regulatory framework for digital assets was developed within six months, highlighting the government’s efforts to establish rules for a rapidly changing financial technology sector.
Under the proposed system, companies will have to meet specific conditions before receiving approval to conduct digital asset-related activities in Pakistan.
The move could potentially increase competition and investment in Pakistan’s digital finance industry while giving regulators greater oversight of cryptocurrency-related transactions.
Pakistan is also considering broader applications of blockchain and digital asset technology. Saqib said authorities were exploring the tokenization of government debt as part of their future digital asset initiatives.
Tokenization could allow certain traditional financial assets to be represented digitally on blockchain-based systems, potentially creating new mechanisms for issuance, ownership and trading.
The authorities are also considering the tokenization of Roshan Digital Accounts, or RDAs, which are designed to facilitate financial services for overseas Pakistanis.
The proposals indicate that Pakistan’s digital asset strategy may extend beyond cryptocurrencies and could eventually include blockchain-based applications across parts of the country’s financial system.
The interest from international exchanges comes as Pakistan attempts to establish itself as a more structured market for digital assets in the region.
A formal licensing framework could also help distinguish regulated businesses from unregistered platforms and provide clearer rules for companies, investors and consumers.
For international cryptocurrency exchanges, obtaining a licence could provide an opportunity to access Pakistan’s large and increasingly digitally connected population while operating within a defined regulatory environment.
For Pakistani authorities, regulating the sector could provide greater visibility over digital asset businesses and help address risks associated with unregulated cryptocurrency activity.
The coming months are expected to be important for Pakistan’s virtual asset industry as PVARA continues the licensing process and companies seek to meet the required regulatory conditions.
The country’s transition from a restrictive approach to a regulated digital asset framework marks a notable development in its financial technology landscape and could shape the future of cryptocurrency and blockchain adoption in Pakistan.