Bitget, one of the world’s largest cryptocurrency exchanges, is preparing to enter Pakistan’s newly regulated virtual asset market. The move positions the global platform to compete for one of the biggest untapped crypto user bases in the world.
The entry comes under the Virtual Assets Act 2026, which President Asif Ali Zardari signed into law after it cleared the Senate on February 27 and the National Assembly on March 3. The legislation converted the Pakistan Virtual Assets Regulatory Authority (PVARA) into a permanent federal body with full power to license and supervise all crypto service providers, including exchanges, custodians, and token issuers.
A Massive Market Opens Up
Pakistan ranks among the top three countries globally for cryptocurrency adoption. PVARA estimates the user base at around 40 million people, with annual trading volume near $300 billion. Until recently, all of that activity ran without a legal framework. A 2018 State Bank directive had barred financial institutions from dealing with crypto, pushing the market into a grey zone for years. The State Bank finally lifted that ban through Circular No. 10 on April 14, 2026.
PVARA first invited global crypto firms to apply for licenses in September 2025. It set a high bar. Applicants must already hold recognition from a major jurisdiction such as the United States, the European Union, or Singapore. They must also meet minimum capital requirements and ensure their services comply with Sharia law under a committee of Islamic finance scholars.
Bitget Joins Binance and HTX
HTX became one of the first exchanges to receive a No Objection Certificate from PVARA in December 2025. Binance received similar preliminary clearance the same month. Both clearances let the exchanges register with Pakistan’s Financial Monitoring Unit for AML compliance while preparing full license applications. Crucially, neither is permitted to fully operate yet. Bitget’s entry would add another major global name to that pipeline.
How the Licensing Works
PVARA uses a two-stage process. First comes the NOC, the gateway clearance under Section 19 of the Act. It confirms that an applicant’s corporate, governance, and compliance setup is compatible with the law. An NOC lets a company incorporate a Pakistani entity, register on the FMU’s goAML portal, and prepare for full licensing. PVARA targets issuing an NOC within 60 days of a complete submission. The second stage is the full license, required before any service can legally launch.
The law carries real teeth. Operating without a license is a criminal offense, punishable by fines up to PKR 50 million, roughly $179,000, and up to five years in prison. PVARA Chairman Bilal bin Saqib has stressed that NOCs mark supervised entry, not full approval. He frames the law around serving young Pakistanis who deserve a financial system that works for them. Licensed exchanges must also link user accounts with NADRA for verified KYC, reducing fraud in peer-to-peer trades.
Why Bitget Wants In
Bitget brings a strong feature set to the market. The exchange supports over 1,300 cryptocurrencies and runs a protection fund exceeding $300 million. It offers some of the lowest fees among major platforms and operates an active P2P marketplace that already supports PKR through local methods like Raast. Those features appeal directly to cost-sensitive Pakistani traders.
Pakistan has announced plans for a strategic Bitcoin reserve, allocated 2,000 megawatts of surplus electricity for Bitcoin mining and AI data centers, and signed an MoU to explore stablecoin infrastructure for cross-border payments.
For Pakistani users, the arrival of regulated global exchanges means safer trading, clearer tax rules, and stronger consumer protection. However, the era of unregulated, anonymous crypto trading is ending. Traders will now need verified identities and proper reporting to operate legally.
