In the vast and tumultuous sea of human endeavor, where nations rise and fall like waves upon the shore, Pakistan has cast its net into the uncharted waters of cryptocurrency. With a flourish of bureaucratic zeal, the country has unveiled a federal licensing regime for international crypto firms, as if the very fate of its financial future hinges upon this digital gambit.
On a Saturday, when most mortals seek repose, the Pakistan Virtual Asset Regulatory Authority (PVARA) issued its clarion call, as reported by the ever-vigilant Dawn. “This Expression of Interest,” proclaimed Bilal bin Saqib, the PVARA Chair and Minister of State for Crypto and Blockchain, “is our invitation to the world’s leading VASPs to join us in forging a transparent and inclusive digital financial future for Pakistan.” One cannot help but marvel at the grandeur of such ambition, though whether it be wisdom or folly remains to be seen. 🧐
Yet, this invitation is not extended to all. Only those firms anointed by the established regulators-the SEC, the FCA, the EU’s VASP framework, the UAE’s VARA, and the MAS-may grace Pakistan with their presence. Their applications must be as meticulous as a Tolstoy novel, detailing profiles, licenses, jurisdictions, proposed services, technology, security measures, assets, revenues, compliance history, and a bespoke business model for Pakistan. One wonders if such rigor is a testament to foresight or a mere exercise in bureaucratic excess. 📜
The framework, born of the Virtual Assets Ordinance 2025, aspires to straddle the fine line between preventing illicit finance and fostering fintech, remittance, and tokenization. Shariah-compliant products are also on the menu, a nod to the nation’s cultural and religious fabric. PVARA, with the gravitas of a Dickensian institution, shall license, regulate, and supervise VASPs in accordance with the dictates of the FATF, IMF, and World Bank. Whether this will lead to prosperity or merely more red tape is a question for the ages. 🕌
Pakistan, it seems, is not content to tread the well-worn path. It ranks third in Chainalysis’ 2025 Global Crypto Adoption Index, a position both enviable and precarious. On May 22, 2025, the Pakistan Digital Assets Authority (PDAA) was born, a new organization to shepherd the nation into the crypto fold. Six days later, the country unveiled its first government-backed Bitcoin reserve, a move announced with great fanfare at the Bitcoin 2025 conference in Las Vegas. Bilal bin Saqib, ever the showman, declared it a pivotal step toward a pro-cryptocurrency regulatory framework. 🎩
Not content with mere reserves, Pakistan has also allocated 2,000 megawatts of surplus electricity for Bitcoin mining and AI centers, an initiative backed by the Pakistan Crypto Council and the Ministry of Finance. Yet, the IMF, ever the spoilsport, raised concerns in July, rejecting a proposal for subsidized electricity to energy-intensive sectors, including miners. One cannot help but chuckle at the irony of a nation striving for crypto greatness while its financial overseers fret over the cost of power. 💡
And so, Pakistan stands at a crossroads, its ambitions as grand as its challenges are daunting. While it establishes a new regulatory authority to oversee cryptocurrencies, the State Bank of Pakistan clings to its ban on crypto trading, creating a paradox that would befuddle even the greatest minds. Is this the dawn of a new era, or merely a footnote in the annals of financial folly? Only time will tell. ⏳
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2025-09-15 13:57