00:00Breaking. Pakistan invites global crypto firms under firm rules. Pakistan's government, through the Pakistan Virtual Asset Regulatory Authority, or Pwara, has officially asked global crypto exchanges and virtual asset service providers, known as VASPs, to apply for licenses to operate in the country.
00:18The key requirements for applicants already licensed in reputable jurisdictions like the US, UK, EU, UAE, Singapore, and others. Clear business models for Pakistan operations. Strong compliance on AML, that's anti-money laundering, KYC, know your customer, counter-terror financing, and cybersecurity. Here are some numbers that show how big a deal this is.
00:39Pakistan crypto users, around 40 million people. Annual trading volume in virtual assets, USD 300 billion plus, estimated.
00:47Why this matters and why be skeptical too? This move could legitimize one of the fastest growing crypto markets in South Asia. If done right, it means better safeguards for people trading crypto, more clarity for businesses, and potentially more foreign investment.
01:02Pakistan could shift from crypto in grey zones to crypto with guardrails. But, regulation always has trade-offs. Strict compliance requirements might shut out smaller players who can't meet them. Infrastructure, legal clarity, enforcement capabilities must follow, or else rules are just worked on paper. Energy, security, and power supply are still issues when scaling crypto and virtual asset services.
01:25What to keep an eye on? When will Pivara start issuing those licenses? How long is the process? Which major global VASPs will enter Pakistan? Will they bring innovation or just extract these? How will this impact prices, access, and trust among regular crypto users in Pakistan? Will there be local firms rising fast to compete under the new regime?
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