Пакистан пригласил ведущие криптокомпании для формирования своего цифрового финансового ландшафта Translated: Pakistan Invites Leading Crypto Companies to Shape Its Digital Financial Landscape

The Pakistan Virtual Assets Regulatory Authority (PVARA) has issued an invitation to leading global cryptocurrency firms to apply for involvement in the country’s emerging digital economy, as reported by local media.

The agency is authorized to license and oversee Virtual Asset Service Providers (VASP). In accordance with its mandate, PVARA adheres to international standards set by organizations such as the Financial Action Task Force (FATF), the International Monetary Fund (IMF), and the World Bank, ensuring mechanisms to combat money laundering, terrorist financing, and cybersecurity.

According to the Ministry of Finance, the country’s crypto market boasts over 40 million users, with an annual turnover exceeding $300 billion.

«This expression of interest serves as our invitation to global VASP leaders to collaborate in creating a transparent and inclusive digital financial future for Pakistan,» stated Bilal bin Sakib, chairman of PVARA and state minister for cryptocurrency and blockchain.

Only companies and exchanges that already possess licenses from recognized industry regulators are eligible to participate.

Applicants must disclose their business profiles, offered services, utilized technologies, and security standards. Additionally, information regarding assets under management, revenue, compliance history, and a description of the proposed business model for operating within the country must be provided.

In May, while still serving as an advisor to the Prime Minister, bin Sakib announced the establishment of a national Bitcoin reserve. The Pakistani authorities have expressed plans to allocate 2 GW of surplus electricity for mining digital gold and powering data centers for AI.

It is worth noting that these initiatives have provoked a strong reaction from the IMF, which has requested urgent clarifications concerning the legal underpinnings of these actions and the redistribution of energy amid chronic shortages in the country.