Pakistan Sets Deadline for Crypto Firms to Secure Regulatory Clearance

Pakistan's Virtual Assets Regulatory Authority (PVARA) has put existing crypto businesses on notice, requiring them to secure regulatory clearance by September 5 or cease operations. This deadline marks a crucial milestone in Pakistan's months-long regulatory buildout, with the country's massive market of 30-40 million crypto users hanging in the balance.

The Virtual Assets Act, which took effect March 5, installed PVARA as Pakistan's dedicated federal crypto regulator and gave existing businesses a six-month transition period. However, the new rules are being implemented at breakneck speed, with public consultations running from June 11 to July 2 and final regulations and an operational licensing process landing in late August.

Regulated banks will now be able to provide accounts, including segregated customer accounts, to licensed virtual asset businesses, unwinding restrictions dating back to 2018. This development is seen as a major carrot for compliant firms, offering them a cleaner bridge into Pakistan's traditional financial system.

Binance and HTX have already secured preliminary NOCs in December 2025, giving both platforms a head start toward full licenses under the newly activated framework. PVARA Chairman Bilal bin Saqib is selling the regime as something bigger than exchange policing, aiming to have regulated virtual assets reach into remittances, cross-border payments, digital exports, trade finance, and tokenized securities.