Pakistan, with its 40 million crypto enthusiasts, has decided to open its arms to global crypto exchanges-provided they bring the right paperwork and a sense of optimism. 📄✨
Key Requirements for Global Exchanges
The Pakistan Virtual Asset Regulatory Authority (PVARA) has extended a polite but firm invitation to global crypto exchanges. The catch? They must already be regulated by esteemed bodies like the SEC, FCA, or UAE’s VARA. A bureaucratic dance, perhaps, but one that skips the pirouette of freedom. 🕺
According to a local report, applicants must also prove they can dance to the tune of anti-money laundering, counter-terrorism financing, and KYC protocols. A trifecta of compliance, served with a side of paperwork. 🕵️♂️
Bilal bin Saqib, PVARA’s chairman and crypto minister, declared the Expressions of Interest (EoI) a “transparent and inclusive” move. “This is our invitation to the world’s leading VASPs to partner in building a digital financial future,” he said, with the enthusiasm of a man who’s seen a few too many dot-com bubbles. 🎈
Pakistan, with its $300 billion annual trading volume and 40 million users, now dreams of becoming a crypto utopia. All under the Virtual Assets Ordinance 2025, which aims to empower youth and stimulate growth. Or, as critics might say, to create a new tax haven for the digitally elusive. 🧠💸
Regulatory Hurdles and Illicit Finance Concerns
Shabbar Zaidi, an economist and former FBR chairman, warned that crypto’s charm lies in its anonymity. “Cryptocurrencies flourish because they leave no trail,” he said, with the wisdom of someone who’s seen hawala systems thrive for decades. 🕵️♂️
“A currency born unregulated cannot be regulated,” Zaidi added, as if stating the obvious. He noted that crypto’s cross-border antics-particularly in under-invoiced trade with China-mirror hawala’s shadowy dance. A modern-day ghost in the machine. 👻
Application Requirements
To enter Pakistan’s crypto arena, exchanges must submit their services, tech specs, and compliance history. Think of it as a dating profile for financial institutions. 💌 They must also provide assets under management, revenue figures, and a compliance summary. All the while, hoping regulators don’t ask too many awkward questions. 😅
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2025-09-15 09:57