Pakistan opens crypto licensing portal, sets Sept. 5 deadline for existing firms

Pakistan’s Virtual Assets Regulatory Authority (PVARA) has opened its licensing portal for crypto exchanges and other virtual asset service providers (VASPs) after notifying the regulations that will govern the sector. Existing firms now have a hard deadline: submit for a no-objection certificate (NOC) by Sept. 5 or stop operating.

1. PVARA said companies providing virtual asset services on or before March 5 must apply for an NOC by Sept. 5. Operating after that date without submitting an application will count as an offense, according to the regulator’s licensing website and a Saturday press release published by the Associated Press of Pakistan.
2. The launch moves Pakistan’s crypto framework from legislation into enforcement. In practical terms, domestic and overseas VASPs now have to choose: enter the formal licensing process or exit the market.
3. The rules cover exchanges, custody, broker-dealer services, lending, derivatives, asset management, token issuance and mining-related services. PVARA also set out two licensing routes: an NOC pathway for firms preparing to incorporate in Pakistan, and a regulatory sandbox for testing products under supervision before applying for a full license.
4. Licensed providers will have to keep customer holdings separate from their own assets and cannot lend or pledge them without written consent. The framework also covers governance, market conduct, cybersecurity, operational resilience, and anti-money laundering and counter-terrorism financing controls.
5. The rollout followed a public consultation held between June 11 and July 2. Pakistan’s parliament passed the Virtual Assets Act in March, creating PVARA as the statutory regulator, and the State Bank of Pakistan later allowed banks to provide accounts to licensed VASPs, including segregated client-money accounts. PVARA has already issued NOCs to some firms, including Binance and HTX in December 2025.

For PSPs and banking partners, the useful bit is simple: Pakistan is now building a formal route for virtual asset business, with segregation, compliance and licensing conditions spelled out rather than implied. That usually means more paperwork, more controls, and fewer excuses for “we thought we were fine.”