Around 70 global crypto exchanges seek licences to enter Pakistan, says PVARA chief

Profit reported that Pakistan has received licence applications from roughly 70 large overseas crypto platforms, according to Bilal Bin Saqib, chairman of the Pakistan Virtual Asset Regulatory Authority (PVARA). Speaking at a press briefing on Thursday, he described the country's move from a crypto ban to a regulated digital-asset framework as a fast process. He noted that PVARA became fully functional about six months after parliament passed the legislation.

The regulator's head also outlined planned initiatives, including tokenisation of government debt and Roshan Digital Accounts. A Shariah advisory board is being formed to guide transactions involving virtual assets, and the mufti-e-azam has been consulted on the matter. He put the country's crypto user base at around 40 million and local investment in the sector near $250 billion, while citing India's 30% tax on such dealings.

Separately, PVARA and the State Bank of Pakistan are developing a mechanism to cut remittance costs from 6.3% to 1%, a move Saqib said could save about $416 million on $41 billion in inflows. Under the proposed model, overseas remittances would be converted into a stablecoin before reaching recipients, though a sandbox phase would come first. The Financial Monitoring Unit said suspicious transaction reports would be filed with it, and Pakistan is also negotiating memoranda of understanding with Kazakhstan and Kyrgyzstan.