Pakistan sets up a federal crypto investigation unit as PVARA keeps licensing exchanges

Pakistan’s Federal Investigation Agency (FIA) has created a dedicated unit to investigate cybercrime and financial fraud cases tied to cryptocurrency. For PSPs and exchanges, the split is the point: enforcement is moving into a formal crypto-crime lane while Pakistan’s Virtual Assets Regulatory Authority (PVARA) remains the body handling digital asset regulation.

1. The new FIA unit will focus on digital asset use in crimes, according to a Tuesday report by Dawn. FIA Counter-Terrorism Wing Director Muhammad Athar Waheed reportedly urged other agencies in Pakistan to set up similar units to deal with crypto-related crime.
2. PVARA, which was created in July 2025, will continue to regulate digital assets. That matters because Pakistan is now separating licensing and supervisory work from investigative enforcement, instead of folding everything into one bucket and hoping for the best.
3. Bilal Bin Saqib, who chairs PVARA, said in December 2025 that Pakistan ranked as the world’s third-largest crypto market by retail activity. In the same event, former Binance CEO Changpeng Zhao said Pakistan could become a world leader in the industry by 2030 based on its crypto regulation and adoption.
4. PVARA has already approved licenses for major exchanges, including Binance and HTX. For high-risk operators, that means the market is not just theoretical: the licensing path is open, but the enforcement side is also getting a dedicated team.

One practical reading of this: Pakistan is building both sides of the ledger at once. If you are a crypto business, PSP, or bank looking at the market, you now have to assess not only regulatory approval under PVARA, but also whether your transaction monitoring and fraud controls can stand up to a more specialized federal investigation function.