Pakistan Opens Crypto Licensing Portal, Sets Deadline for Existing Firms

Pakistan's Virtual Assets Regulatory Authority (PVARA) has launched its licensing portal for crypto exchanges and other virtual asset service providers. The move marks a significant step in Pakistan's efforts to regulate the crypto market, which was established by law with the passage of the Virtual Assets Act in March.

The PVARA has set September 5 as the deadline for existing firms operating on or before March 5 to submit an application for a no-objection certificate (NOC). Firms that fail to comply will be required to cease operations, according to the PVARA's licensing website.

Pakistan's crypto framework now shifts from legislation into enforcement, requiring domestic and overseas virtual asset service providers to enter the formal licensing process or exit the market. The new regulations cover a range of activities, including exchanges, custody, broker-dealer services, lending, derivatives, asset management, token issuance, and mining-related services.

The PVARA has already issued NOCs to some firms, including Binance and HTX in December 2025. These preliminary approvals allow the exchanges to establish local subsidiaries and prepare full license applications, a process that can now advance following the notification of the regulations.