Pakistan Opens Crypto Licensing Portal with Sept 5 Deadline
Pakistan has opened its licensing portal for virtual asset service providers (VASPs), setting a September 5 deadline for existing firms to apply or cease operations.
The Virtual Assets Regulatory Authority (PVARA) launched the portal following the notification of regulations governing VASPs in the country. The framework covers activities including exchanges, custody, broker-dealer services, lending, derivatives, asset management, token issuance, and mining-related services.
The licensing process will require companies to pursue a no-objection certificate (NOC) or enter a regulatory sandbox to test products under PVARA supervision before seeking a full license. Licensed providers will be required to keep customer holdings separate from their own assets and cannot lend or pledge them without written consent.
The rollout follows a public consultation held between June 11 and July 2, with the final framework providing two routes to licensing. PVARA has already issued NOCs to some firms, including Binance and HTX in December 2025, allowing them to establish local subsidiaries and prepare full license applications.