Pakistan has taken a bold step into the digital finance era, formally inviting international crypto companies to apply for licenses under its newly established Pakistan Virtual Asset Regulatory Authority (PVARA). The move signals the country’s clearest commitment yet to becoming a major hub for blockchain innovation.

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A call to global players

On Saturday, PVARA released an official notice encouraging leading crypto exchanges and virtual asset service providers (VASPs) to submit Expressions of Interest (EoIs) to operate in Pakistan.

“This EoI is our invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan,” said Bilal bin Saqib, Minister of State for Crypto and Blockchain, and chair of PVARA.

Eligibility criteria are stringent. Only companies already licensed by respected international regulators—including the U.S. Securities and Exchange Commission (SEC), the UK Financial Conduct Authority (FCA), the EU’s VASP framework, the UAE Virtual Assets Regulatory Authority, and the Monetary Authority of Singapore—will be considered.

Strict compliance and Shariah-linked opportunities

PVARA has set out a comprehensive submission process requiring applicants to detail their licenses, services, compliance records, technology infrastructure, and Pakistan-specific business models.

The authority emphasized that its framework is designed to prevent illicit finance while encouraging innovation in fintech, remittances, tokenization, and even Shariah-compliant financial products through regulatory sandboxes.

Set up under the Virtual Assets Ordinance 2025, PVARA will license and supervise VASPs in line with standards established by the Financial Action Task Force (FATF), International Monetary Fund (IMF), and the World Bank.

Crypto adoption surges in Pakistan

Pakistan’s move comes at a time when its population is embracing crypto faster than most countries. According to Chainalysis, Pakistan ranks third in the 2025 Global Crypto Adoption Index, making it one of the fastest-growing markets worldwide.

Earlier this year, the government announced the creation of a Bitcoin Strategic Reserve, unveiled at the Bitcoin 2025 conference in Las Vegas. Speaking at the event, Bilal bin Saqib described it as part of Pakistan’s “pro-crypto regulatory approach.”

Mining and energy concerns

Pakistan has also allocated 2,000 megawatts of surplus electricity to support Bitcoin mining and AI centers, a plan backed by the Pakistan Crypto Council and the Ministry of Finance.

However, the IMF raised concerns in July, rejecting Pakistan’s proposal to offer subsidized power to energy-intensive industries like crypto mining. The global lender argued that such subsidies could destabilize the country’s already fragile energy market.

What this means for investors

For crypto investors and businesses, Pakistan’s licensing framework represents both a challenge and an opportunity. While strict entry rules may deter smaller players, global heavyweights like Binance, Coinbase, and Kraken could see this as a chance to expand into a market of 240 million people eager for digital finance solutions.

If successful, Pakistan’s initiative may set a precedent for how emerging economies can regulate crypto while fostering innovation and protecting financial stability.

In a major breakthrough for its European ambitions, Gemini, the cryptocurrency exchange founded by billionaire twins Cameron Winklevoss and Tyler Winklevoss, has officially secured a Markets in Crypto-Assets Regulation (MiCA) license in Malta. The approval, granted by the Malta Financial Services Authority (MFSA), positions Gemini as one of the few exchanges fully compliant under Europe’s new crypto regime.

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The announcement comes just a week after Gemini filed to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol GEMI. For the Winklevoss twins, this double milestone signals a bold strategy: grow in Europe while also deepening roots in the United States through traditional markets.

Receiving this approval marks a critical milestone in our regulated European expansion,” Gemini said in a statement. “It will allow us to expand secure and reliable crypto products for customers in over 30 European countries.

Why MiCA matters for Gemini

The European Union’s MiCA framework, hailed as the world’s first comprehensive crypto law, is designed to protect investors while giving legitimacy to digital assets. Gemini stressed that “clear regulation of the industry is the foundation of global crypto adoption,” applauding Europe for its leadership.

The company has long emphasized compliance as its competitive edge, often branding itself as a “trust-first” exchange in a sector frequently criticized for regulatory clashes. By securing Malta’s MiCA license, Gemini joins the likes of Bitpanda, Crypto.com, OKX and ZBX, all of whom have been granted similar approvals.

Building on earlier European wins

Gemini already holds a Markets in Financial Instruments Directive (MiFID II) license, secured in May, which allows it to offer derivatives across the EU. Expanding beyond standard crypto trading, Gemini recently launched tokenized stocks on the Arbitrum blockchain, enabling 24/7 trading of tokenized shares like Michael Saylor’s MicroStrategy (MSTR).

This offering directly competes with Kraken, which rolled out tokenized equities on Solana in June, and Robinhood, which also launched an Arbitrum-based platform for European customers.

Tokenized stocks, regulated under MiFID II, represent a growing financial trend where blockchain technology meets traditional equity markets, blurring the line between Wall Street and Web3.

Malta’s regulatory spotlight

According to MFSA records, Gemini is only the fifth crypto asset service provider to receive a MiCA license in Malta. Earlier this summer, the European Securities and Markets Authority (ESMA) flagged some shortcomings in Malta’s authorization process for an unnamed provider. However, MFSA clarified that none of the MiCA licenses already issued — including Gemini’s — were at risk, reaffirming its cooperation with EU authorities.

This endorsement provides a critical layer of stability for Gemini, which has faced regulatory hurdles in the U.S. amid increased scrutiny from agencies like the SEC.

What’s next for Gemini

Industry watchers suggest Gemini’s dual push — securing a MiCA license while filing for a Nasdaq listing — could make it a bridge between mainstream finance and the crypto economy. By holding licenses that allow derivatives, tokenized stocks, and broad retail offerings, the company is positioning itself as a long-term player in Europe’s rapidly evolving digital asset ecosystem.

For the Winklevoss twins, who first rose to prominence through their legal battle with Mark Zuckerberg over the origins of Facebook, this marks yet another chapter in their quest to build a financial empire around crypto.

As Gemini put it in its statement:

Today’s announcement cements our long-standing dedication to upholding the highest standards of regulatory compliance as we scale in the region.

With rivals expanding aggressively and European regulators setting the pace for global adoption, Gemini’s Malta license could be the key that unlocks its next decade of growth.