Pakistan Gives Crypto Firms September Deadline to Comply with Licensing Regime

Pakistan's Virtual Assets Regulatory Authority (PVARA) has set a September 5 deadline for crypto platforms to comply with its new licensing regime or leave the market.

The PVARA opened a licensing portal on August 22, after issuing final virtual-asset service regulations the day before. Those firms must submit an application for a no-objection certificate (NOC), which serves as preliminary regulatory clearance allowing them to move toward full licensing.

PVARA Chairman Bilal Bin Saqib said, 'This market previously existed without a clear regulatory pathway. Today, that changes. We now have the rules, the regulator and the licensing framework to bring virtual assets into the formal economy, protect consumers and build the foundation for the next generation of financial infrastructure.'

The deadline applies only to providers already operating in Pakistan when the Virtual Assets Act took effect on March 5. Firms that do not apply by September 5 must stop offering their current services.