Pakistan Crypto Industry Faces Compliance Deadline

Pakistan's Virtual Assets Regulatory Authority (PVARA) has opened applications for virtual asset businesses under its regulatory sandbox and full VASP licenses. Existing crypto firms operating in Pakistan must submit a No Objection Certificate application by September 5, 2026, or cease operations.

The NOC is not the final license; it's an intermediate step towards obtaining a full VASP license. The process involves submitting a business plan and corporate documentation, followed by preliminary authorization from PVARA, compliance requirements, local incorporation, and finally, the VASP license application.

Pakistan's approach differs from India's registration-led framework and is more similar to Dubai's licensing model. The regime covers multiple virtual asset activities, not just exchanges, giving Pakistan a dedicated federal regulator for crypto businesses.