The Pakistan Virtual Asset Regulatory Authority (PVARA) has opened its licensing portal after notifying regulations governing crypto exchanges and other virtual asset service providers (VASPs) operating in the country.
Companies providing virtual asset services on or before March 5 must submit an application for a No Objection Certificate (NOC) by September 5 or cease operations, According to On the PVARA Licensing website. Acting after the deadline without submitting an application would constitute a crime, PVARA said In a press release published by the Associated Press of Pakistan on Saturday.
“The licensing window is officially open, creating a clear path for businesses to enter Pakistan’s regulated virtual assets market, with defined standards for consumer protection, governance, compliance and market integrity,” PVARA said. said LinkedIn.
The launch moves Pakistan’s crypto framework from law to enforcement, requiring domestic and foreign VASPs to enter a formal licensing process or cease serving the market.
The new regulation clears the way for a full crypto license
The framework covers operations 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 must keep customer holdings separate from their own assets and cannot lend or pledge them without written consent. The framework includes regulatory requirements for governance, market governance, cyber security, operational resilience and anti-money laundering and terrorist financing.
rollout following A public consultation held between June 11 and July 2. PVARA states that the final framework provides for two routes to licensure. These include a sandbox route for companies testing new products and an NOC route for companies preparing to incorporate in Pakistan.
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PVARA has already issued NOCs to some companies including Binance and HTX in December 2025 Initial approvals allow exchanges to establish local subsidiaries and prepare full license applications, a process that can now proceed following notification of regulations.
Pakistan’s parliament passed the Virtual Assets Act in March, establishing PVARA as the sector’s statutory regulator. The State Bank of Pakistan subsequently allowed banks to provide accounts at licensed VASPs, including segregated client-money accounts.
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