Pakistan’s Virtual Assets Regulatory Authority (PVARA) opened its licensing portal as the country transitions its crypto framework from legislation to enforcement. Firms providing virtual asset services on or before March 5 must submit an application for a no-objection certificate (NOC) by September 5 or halt operations, according to the regulator’s website.
Operating after the deadline without an application will constitute an offense, PVARA stated in a press release. The licensing window creates a formal pathway for businesses to enter Pakistan’s regulated virtual asset market, with standards for consumer protection, governance, compliance and market integrity outlined in the framework.
The regulations cover exchanges, custody services, broker-dealer operations, lending, derivatives, asset management, token issuance and mining-related services. VASPs may pursue an NOC before incorporating locally or enter a regulatory sandbox to test products under PVARA supervision prior to seeking a full license.
Licensed providers will be required to segregate customer holdings from their own assets and may not lend or pledge them without explicit consent. The framework mandates governance, market conduct, cybersecurity, operational resilience and anti-money laundering controls, including measures to counter terrorism financing.
The final framework followed a public consultation held from June 11 to July 2. PVARA outlined two licensing routes: a sandbox pathway for firms testing new products and an NOC pathway for companies preparing to establish local operations in Pakistan. The regulator has already issued preliminary approvals to firms including Binance and HTX in December 2025, allowing them to set up local subsidiaries and advance full license applications.
Pakistan’s parliament passed the Virtual Assets Act in March, establishing PVARA as the statutory regulator for the sector. The State Bank of Pakistan subsequently permitted banks to provide accounts to licensed VASPs, including segregated client-money accounts.
