Pakistan Opens Licensing Portal for Crypto Service Providers with September Deadline

Pakistan has made significant progress in regulating its cryptocurrency sector by launching a licensing portal for virtual asset service providers (VASPs), reports Bitcoin World. This move marks a crucial step towards formalizing the country's digital assets market, which was previously shrouded in uncertainty.

The Pakistan Virtual Assets Regulatory Authority (PVARA) has opened its licensing application portal, requiring existing VASPs to apply for a no-objection certificate (NOC) by September 5. This deadline applies specifically to businesses that were already operating locally before March 5, 2025. New entrants will need to complete the licensing process before commencing operations.

The NOC serves as a temporary authorization, allowing existing businesses to continue functioning while their full license applications are reviewed. The regulator aims to bring previously unregulated entities into a formal framework, addressing concerns about consumer protection, anti-money laundering (AML), and counter-terrorism financing (CTF) compliance.