The Pakistan Virtual Assets Regulatory Authority (PVARA) opened a licensing portal after publishing rules for cryptocurrency exchanges and other virtual asset service providers (VASPs) in the country.
Companies that were providing virtual asset services as of March 5 or earlier must apply for a no-objection certificate (NOC) by September 5 or cease operations, according to the licensing section on the PVARA website. Operating after the deadline without filing an application will be considered an offense, PVARA said in a press release published on Saturday 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 with established consumer protection, corporate governance, compliance, and market integrity standards,” PVARA said on LinkedIn.
The launch shifts Pakistan’s cryptocurrency regulation from legislation to enforcement: domestic and foreign VASPs must complete an official licensing process or stop operating in the market.
The new rules pave the way for obtaining full crypto licenses
The regulatory framework covers such types of activities as exchanges, custody of assets, broker-dealer services, lending, derivatives, asset management, the issuance of tokens, and services related to mining. VASPs may obtain an NOC before registration in the country or enter the regulatory sandbox to test products under the supervision of PVARA before applying for a full license.
According to a press release, licensed providers will be required to keep client assets separate from their own and will not be able to lend them or use them as collateral without written consent. The regulatory framework also requires corporate governance mechanisms, market conduct controls, cybersecurity, operational resilience, as well as measures to counter money laundering and terrorist financing.
Public consultations were held before the launch—from June 11 to July 2. PVARA stated that the final regulatory framework provides two licensing pathways. One is the sandbox route for companies testing new products, and the other is the NOC route for companies preparing to register in Pakistan.
PVARA has already issued NOCs to some companies, including Binance and HTX, in December 2025. Provisional approvals allow exchanges to establish local subsidiaries and prepare applications for full licenses—now this process can move forward after the publication of the rules notice.
In March, Pakistan’s parliament passed the Virtual Assets Act, appointing PVARA as the regulator for this sector as provided by law. Subsequently, the State Bank of Pakistan allowed banks to open accounts for licensed VASPs, including separate accounts for client funds.