Pakistan Opens Crypto Licensing Portal Amid New Regulations

Pakistan's Virtual Assets Regulatory Authority (PVARA) has officially opened its licensing system for crypto service providers. The move comes as new rules take effect, requiring existing firms to apply for preliminary approval or cease operations by September 5.

The regulations cover a range of activities, including exchanges, custody, lending, derivatives, asset management, token issuance, and mining services. Licensed providers must segregate customer assets, meet governance and cybersecurity requirements, and adhere to anti-money laundering standards.

Existing firms, such as Binance and HTX, which received preliminary approvals in December 2025, can now proceed towards full licenses. The licensing structure also connects approved crypto businesses with Pakistan's banking system, following a central bank policy change earlier this year.