Pakistan's crypto regulator opened its licensing portal Monday. Existing exchanges have until Sept. 5 to apply for a no-objection certificate or shut down. The framework covers exchanges, custody, lending and mining services.
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Pakistan's Virtual Assets Regulatory Authority (PVARA) opened its licensing portal Monday, giving existing crypto exchanges and virtual asset service providers until Sept. 5 to apply for a no-objection certificate or halt operations.
Companies that were providing virtual asset services on or before March 5 must submit an NOC application by that deadline or face penalties. Operating after Sept. 5 without an application on file will constitute an offense, PVARA said in a Saturday press release carried by the Associated Press of Pakistan.
"The licensing window is officially open, creating a clear pathway for businesses to enter Pakistan's regulated virtual asset market, with defined standards for consumer protection, governance, compliance and market integrity," PVARA said on LinkedIn.
The portal launch shifts Pakistan's crypto framework from legislative drafting into active enforcement. Both domestic and overseas VASPs must now enter the formal licensing process or exit the market.
The framework covers exchanges, custody services, broker-dealer operations, lending, derivatives, asset management, token issuance and mining-related services. VASPs can apply for an NOC before incorporating locally, or they can enter a regulatory sandbox to test products under PVARA supervision before seeking a full license.
Licensed providers must keep customer holdings separate from their own assets and cannot lend or pledge them without written consent, according to the press release. The rules also address governance, market conduct, cybersecurity and anti-money laundering controls.
PVARA held a public consultation between June 11 and July 2 before finalizing the framework. The regulator said it offers two routes to licensing: the sandbox pathway for firms testing new products and the NOC pathway for companies preparing to incorporate in Pakistan.
PVARA has already issued preliminary NOCs to some firms, including Binance and HTX in December 2025. Those approvals let the exchanges establish local subsidiaries and prepare full license applications, a process that can now move forward with the regulations formally notified.
Pakistan's parliament passed the Virtual Assets Act in March, creating PVARA as the statutory regulator for the sector. The State Bank of Pakistan later allowed banks to provide accounts to licensed VASPs, including segregated client-money accounts.
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