Pakistan opens crypto licensing portal, sets Sept. 5 deadline for existing firms
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
AI-generated summary based on the linked source; not independently verified. This is not investment advice. Verify market-moving details at the original publisher before acting. See our editorial policy, AI content policy, and financial disclaimer.
Summary
Pakistan’s Virtual Assets Regulatory Authority (PVARA) has launched its licensing portal for crypto exchanges and virtual asset service providers (VASPs). Companies operating before March 5 must apply for a no-objection certificate (NOC) by September 5 or stop operations. This enforcement move formalizes Pakistan’s crypto regulatory framework, requiring both domestic and foreign VASPs to enter the licensing process or cease serving the market.
Why it matters
The launch creates a defined regulatory pathway aiming to ensure consumer protection, governance, compliance, and market integrity in Pakistan’s crypto sector. This shift from legislation to enforcement signals a more structured approach to integrating virtual asset services within the country’s financial system. The source does not elaborate on the wider market or user impact beyond this framework.
Key context
Pakistan’s parliament passed the Virtual Assets Act in March, establishing PVARA as the official regulator for virtual assets. The State Bank of Pakistan now permits banks to open segregated client money accounts for licensed VASPs. The regulations cover a wide range of activities including exchanges, custody, lending, derivatives, and mining services. Public consultation on the framework was held from June 11 to July 2 before finalization.
Key numbers and entities
Virtual Assets Regulatory Authority (PVARA); September 5 deadline; March 5 cutoff for existing firms; Binance and HTX have received NOCs as of December 2025; Pakistan’s Virtual Assets Act passed in March; State Bank of Pakistan involved in account approvals.
What remains unclear
The source does not specify how many firms currently operate without licenses, the volume of applications received so far, or the potential penalties for non-compliance. Details on how overseas firms must incorporate locally or about enforcement mechanisms after the deadline are not explained. The source also does not discuss how users or the broader crypto ecosystem in Pakistan will be affected.