Pakistan’s Virtual Assets Regulatory Authority (PVARA) has officially opened its licensing portal following the notification of new regulations governing crypto exchanges and other virtual asset service providers (VASPs) in the country.
According to the PVARA licensing website and a press release published by the Associated Press of Pakistan, companies providing virtual asset services on or before March 5 must submit an application for a no-objection certificate (NOC) by Sept. 5 or cease operations. Operating after the deadline without submitting an application will constitute an offense.
The regulatory framework covers a wide range of activities, including exchanges, custody, broker-dealer services, lending, derivatives, asset management, token issuance, and mining-related services. Businesses can pursue an NOC before incorporating locally or enter a regulatory sandbox to test products under PVARA supervision before seeking a full license.
Under the new rules, licensed providers must keep customer holdings separate from their own assets and cannot lend or pledge them without written consent. The framework also establishes standards for governance, market conduct, cybersecurity, operational resilience, and anti-money laundering and counter-terrorism financing controls.
The rollout follows a public consultation held between June 11 and July 2. PVARA previously issued NOCs to certain firms, including Binance and HTX, in December 2025 to allow them to establish local subsidiaries and prepare for full license applications. Pakistan's parliament passed the Virtual Assets Act in March, establishing PVARA as the statutory regulator, and the State Bank of Pakistan subsequently permitted banks to provide accounts to licensed VASPs.
