PVARA Sets February 9 Deadline for Virtual Assets Regulatory Consultancy Bids

Pakistan is taking another concrete step toward regulating the fast-growing virtual assets space through the PVARA Virtual Assets Regulatory Framework.

The Pakistan Virtual Assets Regulatory Authority (PVARA) has officially invited proposals from eligible consultancy firms to support the operationalization and implementation of Pakistan’s Virtual Assets Regulatory Framework.

The move signals that Pakistan is now shifting from policy discussion to execution, aiming to build a structured regulatory system for virtual assets such as cryptocurrencies, tokenized assets, and other blockchain-based financial instruments.

PVARA’s Consultancy Drive: What’s Being Procured?

According to the RFP, PVARA is seeking professional consulting services that will help develop and implement a comprehensive regulatory structure for virtual assets in Pakistan.

This consultancy assignment is expected to play a key role in:

• Establishing oversight mechanisms
• Supporting enforcement and compliance structures
• Advising on regulatory best practices
• Assisting with implementation frameworks aligned with global standards

Virtual assets remain one of the most rapidly evolving areas of financial technology, and regulators worldwide are working to balance innovation with risk control.

Pakistan’s decision to bring in expert consultants suggests an effort to ensure the framework is both credible and enforceable.

Procurement Process: National Competitive Bidding via EPADS

PVARA confirmed that the procurement will take place under the:

• Single Stage One Envelope Procedure
• National Competitive Bidding process

PVARA stated that all proposals must be submitted electronically through the EPADS portal at www.eprocure.gov.pk 

In addition, a hard copy of the Proposal Securing Declaration must be submitted as part of the technical proposal. The deadline for submission of proposals is February 9, 2026, at 11:30 AM, while proposals will be opened on the same day at 12:00 PM through EPADS.

The RFP is open to both National consultancy firms and International consultants from eligible countries listed in the bidding documents However, bidders must first register on the EPADS portal to access and submit documents.

This inclusion of international firms may indicate PVARA’s interest in learning from jurisdictions where virtual asset regulation is more mature, such as the UAE, Singapore, or the EU.

What Must the Proposal Include?

The consultancy proposal will consist of two parts: a technical proposal, which will include

• Standard required forms
• Proposal Securing Declaration
• NTN registration documentation
• Sales Tax certificates
• Evidence of eligibility and qualifications

Whereas, a financial proposal will also be submitted alongside the technical proposal in the same envelope.  Consultants may submit only one proposal in their own name, although sub-consultants and key experts are allowed under defined conditions.

Pakistan’s Virtual Asset Sector at a Turning Point

Virtual assets have gained increasing traction in Pakistan in recent years, fueled by rising crypto adoption, growing cross-border digital transactions, expanding fintech innovation, and strong interest from younger investors. However, the sector has also sparked concerns related to money laundering risks, weak consumer protection, the absence of proper licensing frameworks, and ongoing regulatory uncertainty for businesses.

By bringing in consultancy support, PVARA seems to be preparing the foundation for formal oversight that could eventually introduce licensing for virtual asset service providers (VASPs), clearer compliance requirements, stronger investor safeguards, and smoother integration of digital assets into Pakistan’s broader financial system.

What’s Next for Virtual Asset Regulation in Pakistan?

The Terms of Reference (TORs) included in the RFP outline deliverables aimed at helping PVARA establish a functioning regulatory authority in practice, not just on paper.

If implemented effectively, this consultancy-led operationalization could mark the beginning of:

• A regulated crypto ecosystem
• Improved investor confidence
• Better alignment with FATF expectations
• Increased fintech investment potential

Still, the success of Pakistan’s virtual asset framework will depend heavily on enforcement capacity, inter-agency coordination, and whether regulations strike the right balance between innovation and control.

PVARA’s call for consultancy proposals represents a significant milestone in Pakistan’s evolving approach to digital finance. Rather than remaining in a policy vacuum, Pakistan is now moving toward building institutional and regulatory infrastructure for virtual assets, a sector that could shape the future of payments, investment, and financial innovation.

The coming months will reveal how quickly and effectively this framework moves from procurement to real-world enforcement.