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Pakistan already has a large and active digital asset market. Our responsibility is to bring this activity into a supervised, FATF aligned framework that protects consumers and safeguards financial stability. This cannot be achieved in isolation. Close coordination with the State Bank is essential to ensure that innovation progresses alongside monetary and financial integrity.
Pakistan is ranked third globally on the crypto adoption index, with an estimated 30 to 40 million users and annual digital asset activity valued in the hundreds of billions of dollars. PVARA’s mandate is to ensure that this substantial existing market is brought into a regulated, transparent, and internationally aligned framework that safeguards consumers, strengthens financial integrity, and supports sustainable growth.
In approximately four months since its first Board meeting at the end of August, PVARA has moved decisively from policy formulation to implementation. As part of its phased and risk-based regulatory approach, the Authority has issued No Objection Certificates to leading global virtual asset platforms, including Binance and HTX.
These NOCs provide a controlled entry into Pakistan’s regulatory perimeter and do not constitute full operating licenses.
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