Pakistan's PVARA opened its licensing portal for crypto exchanges and VASPs. Pre-existing operators have until September 5 to apply or cease operations.
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Pakistan's Virtual Asset Regulatory Authority opened its licensing portal after publishing the regulations governing cryptocurrency exchanges and other virtual asset service providers operating in the country.
Companies that offered virtual asset services before March 5 have until September 5 to submit a no-objection certificate application or cease operations, according to a statement from 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 said on LinkedIn.
The framework offers two routes. A NOC pathway is designed for companies working toward local incorporation. A regulatory sandbox lets firms test products under PVARA supervision before applying for a full license. The rules cover exchanges, custody, broker-dealer services, lending, derivatives, asset management, token issuance and mining-related services.
Licensed providers must keep client funds separate from their own assets and cannot lend or pledge them without written consent. The regulation also sets requirements on governance, market conduct, cybersecurity and controls against money laundering and terrorism financing.
The portal launch followed a public consultation from June 11 to July 2. PVARA had issued preliminary NOCs to Binance and HTX in December 2025, approvals that let both exchanges set up local subsidiaries. Formal regulatory backing now replaces those provisional arrangements.
Pakistan's Parliament passed the Virtual Assets Act in March, creating PVARA as the statutory regulator. The State Bank of Pakistan then allowed banks to offer accounts to licensed VASPs, including segregated client money accounts, completing the institutional framework.
PVARA's licensing system is the first to test the new law's enforcement capacity. The September 5 deadline for pre-existing operators will show how many companies can meet the compliance standards Pakistan's parliament set in March.
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