TL;DR:
- PVARA opened its licensing portal and set September 5 as the deadline for existing providers to apply for their NOC.
- Companies operating without having submitted an application after that date will be in violation and must cease their activities in the Pakistani market.
- The regulatory framework covers exchanges, custody, lending, derivatives, token issuance and mining-related services, among other activities.
Pakistan’s Virtual Asset Regulatory Authority, PVARA, formally opened its licensing portal after publishing the regulations governing cryptocurrency exchanges and other virtual asset service providers (VASPs) operating in the country.
Companies that were offering virtual asset services before March 5 have until September 5 to submit an application for a no-objection certificate (NOC) or will be required to cease operations, according to a statement published by the Associated Press of Pakistan.
“The licensing window is officially open, creating a clear pathway for companies to enter Pakistan’s regulated virtual asset market,” PVARA stated on LinkedIn, underscoring that the system establishes defined standards on consumer protection, governance, compliance and market integrity.
PVARA: A Path Toward Full Licenses
The regulatory framework contemplates two possible routes. The first is a NOC pathway intended for companies in the process of local incorporation. The second is a regulatory sandbox that allows firms to test products under PVARA supervision before applying for a full license. The scheme covers activities such as exchanges, custody, broker-dealer services, lending, derivatives, asset management, token issuance and mining-related services.
The regulation also requires licensed providers to keep client funds separate from their own assets and prohibits lending or pledging them without written consent. It also imposes requirements on governance, market conduct, cybersecurity, operational resilience and controls against money laundering and terrorism financing.
The portal launch followed a public consultation held between June 11 and July 2. PVARA had already issued NOCs to Binance and HTX in December 2025, preliminary approvals that allowed both exchanges to establish local subsidiaries. That process can now move forward with formal regulatory backing.
Pakistan’s Parliament passed the Virtual Assets Act in March, establishing PVARA as the statutory regulator of the sector. The State Bank of Pakistan subsequently allowed banks to offer accounts to licensed VASPs, including segregated client money accounts, completing the institutional architecture underpinning the new system.
