Pakistan has finally taken a concrete step toward bringing the fast-growing cryptocurrency world under regulation. On Wednesday, the government announced a new framework for digital assets, inviting global crypto exchanges to apply for licences to operate in the country.
For years, Pakistan has been among the top countries where cryptocurrencies thrive without any rules. Estimates suggest nearly 40 million Pakistanis use crypto, with trading volumes crossing $300 billion every year. Despite the sheer size, everything has been happening in a grey zone, with no official oversight or investor protection.
The new framework, overseen by the recently established Pakistan Virtual Assets Regulatory Authority (PVARA), aims to change that. It’s not just about control — it’s also about giving millions of users a safer environment to trade and invest.
What’s Required From Companies
The government has now invited international service providers to come forward. But there’s a catch: only those already holding valid licences from credible foreign regulators can apply locally. They will also need to follow strict Know Your Customer (KYC) rules and provide full details of their operations before they’re allowed to run in Pakistan.
Read more: State Bank of Pakistan moves to legalise digital currency
For everyday users, this step could mean a lot. From young investors trying their luck with Bitcoin to small businesses exploring blockchain payments, regulation could bring greater trust, transparency, and safety. It could also protect people from scams that have cost Pakistanis millions in recent years.
On the flip side, bringing crypto into the official fold may also mean stricter rules and closer monitoring — something that might not sit well with everyone.
Looking Ahead
Officials keep on saying that the goal is to make strong alignment with international standards while keeping risks in check. If this is managed well, the move could help Pakistan not only safeguard its financial system but also unlock opportunities for
- Investment
- Jobs
- Innovation
In short, Pakistan is stepping into the digital future — cautiously, but finally with a plan.