Pakistan Gives Crypto Firms Deadline to Comply or Leave

Pakistan's Virtual Assets Regulatory Authority (PVARA) has given cryptocurrency platforms until September 5 to comply with its new licensing regime or exit the market. This move marks a significant shift from the country's previous broad crypto policy toward formal supervision.

The PVARA opened a licensing portal on August 22, after issuing final virtual-asset service regulations a day earlier. Chairman Bilal Bin Saqib stated that the market previously existed without clear regulatory pathways, but now has the rules and framework to bring virtual assets into the formal economy and protect consumers.

Legacy crypto platforms must submit an application for a no-objection certificate (NOC) by September 5. This will allow them to continue offering current services while PVARA reviews their filings. However, the regulator can impose interim limits on onboarding, products, transaction volumes, or custody.