PVARA Issues Formal Expression of Interest to Global VASPs, Mandates Sharia Compliance
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The Pakistan Virtual Assets Regulatory Authority (PVARA) has released its official application criteria for Virtual Asset Service Providers (VASPs) seeking to enter the Pakistani market.
The initiative, launched under the country’s recent Virtual Assets Ordinance, aims to formalize the sector and integrate it within a strict regulatory framework.
The regulator is prioritizing firms with existing licenses from top-tier jurisdictions. The comprehensive application process requires detailed disclosures on operations, technology, security, and compliance history.
Furthermore, all licensed services must receive approval from a committee of Islamic finance scholars to ensure adherence to Sharia law principles.
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