- It reported that Pakistan is actively encouraging the entry of global virtual asset companies.
- It said it requested companies approved by major regulatory authorities to submit market entry letters of intent.
- Pakistan reportedly required companies to provide specific details such as jurisdiction, existing licenses, and specialized business models.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Pakistan appears to be loosening restrictions on global virtual asset companies.
On the 14th (local time), Cointelegraph reported that the Pakistan Virtual Assets Regulatory Authority (PVARA) on the previous day (13th) requested that major global virtual asset companies submit a Pakistan market entry letter of intent (Eol). Bilal bin Saqib, PVARA chief and State Minister for Virtual Assets and Blockchain, described the request for letters of intent as "an invitation sent to global virtual asset operators to build Pakistan's digital financial future."
Specifically, Pakistan is said to have requested letters of intent from operators approved by major national regulators such as the U.S. Securities and Exchange Commission (SEC) and the United Arab Emirates (UAE) Virtual Assets Regulatory Authority (VARA). Pakistan asked that the letters of intent include jurisdiction, existing licenses, and virtual asset business models tailored to Pakistan.
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