Pakistan Opens Crypto Licensing Portal With Sept. 5 Deadline
Pakistan has opened a crypto licensing portal with a September 5 deadline for existing firms to apply for a no-objection certificate or cease operations.
Intelligence analysis by Llama
Pakistan's Virtual Assets Regulatory Authority (PVARA) has launched a licensing portal for virtual asset service providers (VASPs) with a September 5 deadline for existing firms to apply for a no-objection certificate (NOC) or cease operations.
Pakistan is making rules for companies that deal with cryptocurrencies. These companies need to get a special permit by September 5 or stop working in Pakistan.
Analysis
Pakistan's Crypto Regulatory Framework Takes Shape
Pakistan's Virtual Assets Regulatory Authority (PVARA) has made significant strides in establishing a robust regulatory framework for the country's cryptocurrency market. The launch of the licensing portal marks a crucial step in this process, providing a clear pathway for businesses to enter the regulated market and protecting consumers.
The framework covers a wide range of activities, including exchanges, custody, broker-dealer services, lending, derivatives, asset management, token issuance, and mining-related services. VASPs can pursue an NOC before incorporating locally or enter a regulatory sandbox to test products under PVARA supervision before seeking a full license.
According to the press release, licensed providers will be required to keep customer holdings separate from their own assets and cannot lend or pledge them without written consent. The framework also requires covering governance, market conduct, cybersecurity, operational resilience, and anti-money laundering and counter-terrorism financing controls.
The rollout followed a public consultation held between June 11 and July 2. PVARA said the final framework provides two routes to licensing, including a sandbox pathway for firms testing new products and an NOC pathway for companies preparing to incorporate in Pakistan.
PVARA has already issued NOCs to some firms, including Binance and HTX in December 2025. The preliminary approvals allow the exchanges to establish local subsidiaries and prepare full license applications, a process that can now advance following the notification of the regulations.
Pakistan's parliament passed the Virtual Assets Act in March, establishing PVARA as the statutory regulator for the sector. The State Bank of Pakistan subsequently allowed banks to provide accounts to licensed VASPs, including segregated client-money accounts.
Key points
- Pakistan's Virtual Assets Regulatory Authority (PVARA) has launched a licensing portal for virtual asset service providers (VASPs).
- Existing firms have until September 5 to apply for a no-objection certificate (NOC) or cease operations.
- The framework covers a wide range of activities, including exchanges, custody, broker-dealer services, lending, derivatives, asset management, token issuance, and mining-related services.
- Licensed providers will be required to keep customer holdings separate from their own assets and cannot lend or pledge them without written consent.
The launch of the licensing portal is a positive step towards establishing a clear regulatory framework for the cryptocurrency market in Pakistan. This could attract more businesses to the country and provide a safe and secure environment for consumers.
However, the deadline for existing firms to apply for a no-objection certificate or cease operations may cause disruption to the market, and some companies may struggle to meet the requirements of the new regulations.
