Pakistan on Wednesday started regulatory framework for digital assets, formally initiating the licensing process for international cryptocurrency exchanges by inviting global service providers to submit applications to operate in the country.
The call for applications was issued by the Pakistan Virtual Assets Regulatory Authority.
Statistics indicate that Pakistan is among the largest unregulated cryptocurrency markets in the world, with nearly 40 million users and an estimated annual trading volume of $300 billion.
The Pakistan Virtual Assets Regulatory Authority has been set up with the objective of regulating this market in accordance with international standards while addressing financial challenges linked to digital assets.
Officials said that companies seeking to offer crypto services in Pakistan must hold valid licences from international regulators before applying locally.
In addition, applicants will be required to comply with Know Your Customer (KYC) standards and provide complete company details.
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