Pakistan has opened its long-awaited crypto licensing portal, giving existing virtual asset service providers until September 5, 2026, to apply for a no-objection certificate (NOC) or stop operating in the country. The Pakistan Virtual Assets Regulatory Authority (PVARA) notified its licensing regulations and launched the portal this week, moving the country’s crypto framework from legislation into active supervision. PVARA says firms that continue operating after the deadline without submitting an application will be committing an offence.
The deadline applies to virtual asset businesses that were already operating in Pakistan on or before March 5. They must now enter the formal regulatory process if they want to continue serving customers.
The new framework covers a broad range of crypto-related activities. These include exchanges, custody services, broker-dealer operations, lending, derivatives, asset management, token issuance and mining-related services.
PVARA has created two main routes for businesses. Companies preparing to establish a licensed entity in Pakistan can apply for an NOC, while firms testing new products can use a regulatory sandbox under PVARA supervision. The authority says the licensing process is intended to bring clearer standards for consumer protection, governance, compliance and market integrity.
The rules also introduce safeguards for customer assets. Licensed providers will have to keep customer holdings isolated from their own assets. They cannot lend or pledge those holdings without written consent. They will also have to meet requirements covering cybersecurity, operational resilience, market conduct and anti-money-laundering and counter-terrorist-financing controls.
The rollout follows a public consultation held between June 11 and July 2. It also builds on Pakistan’s Virtual Assets Act, which established PVARA as the statutory regulator.
Some international crypto companies have already taken preliminary steps. PVARA had issued NOCs to Binance and HTX in December 2025, allowing them to establish local subsidiaries and prepare applications for full licences.
The new framework could also make it easier for regulated crypto businesses to access traditional banking services. The State Bank of Pakistan has allowed banks to provide accounts to licensed virtual asset service providers, including segregated client-money accounts.
For Pakistan’s crypto industry, the message is now clear: the era of operating without a formal licensing pathway is coming to an end. Businesses that want to remain in the market must begin the process before the September 5 deadline.
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