Pakistan Cracks Down on Unlicensed Crypto Services with September Deadline

Pakistan's Virtual Assets Regulatory Authority (PVARA) has launched its licensing portal for crypto exchanges and other virtual asset service providers operating in the country.

The portal requires companies that were already providing virtual asset services on or before March 5 to submit an application for a no-objection certificate (NOC) by September 5, or cease operations. Operating after the deadline without submitting an application will constitute an offense, PVARA said in a press release.

The launch marks the transition of Pakistan's crypto framework from legislation into enforcement, requiring domestic and overseas VASPs to enter the formal licensing process or stop serving the market.

The new regulations cover 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.