Pakistan Sees Surge in Crypto Applicants as Regulatory Framework Takes Shape

Pakistan's virtual asset market has seen a surge in applications for legal operation, with 70 companies applying to operate within the country's regulatory framework. This is a significant milestone for the industry, which had no legal existence in Pakistan just 18 months ago.

The applications come after a hard deadline set by the Virtual Assets Act, 2026, under Section 70. Binance and HTX were among the first to take No Objection Certificates (NOCs) from PVARA in December 2025 and are now moving through the licensing pipeline.

The regulatory body has emphasized that these certificates do not grant blanket approval but rather mark a first step under supervised entry. The actual license will come later.

PVARA Chairman Bilal Bin Saqib expressed his ambition to pull established global operators into the country while giving local businesses a legitimate route into the industry.