Pakistan Begins Accepting License Applications from Virtual Asset Service Providers

Pakistan has begun accepting license applications from virtual asset service providers (VASPs) in accordance with new regulations announced by the Pakistan Virtual Asset Regulatory Authority (PVARA).

The move marks a significant step towards regulating the country's cryptocurrency market, which was previously prohibited for eight years.

PVARA has established a licensing portal and is accepting applications from existing VASPs that have been providing services in Pakistan since March 5, 2026. These companies must submit a complete no-objection certificate (NOC) application by September 5 to continue operating.

New regulations have introduced 11 categories of licenses for different types of VASPs, including investment advice, brokerage and dealing, custody, exchanges, lending and borrowing, derivatives, asset management and investment, payment and settlement, asset-referenced tokens, and fiat currency-referenced tokens. The minimum paid-up capital required varies by category.