Pakistan has announced a new federal regulatory framework inviting international cryptocurrency firms to apply for operating licenses. The Pakistan Virtual Asset Regulatory Authority (PVARA) will oversee the licensing process, requiring applicants to hold a license from recognized regulatory bodies such as the U.S. SEC, U.K. FCA, EU VASPs Framework, UAE Virtual Asset Regulatory Authority, or the Monetary Authority of Singapore. This move aims to establish a regulated environment for exchanges and virtual asset service providers (VASPs) in the country.