Pakistan Sets Sept. 5 Deadline for Crypto Licensing Applications

Pakistan's Virtual Assets Regulatory Authority (PVARA) has launched its licensing portal for virtual asset service providers, marking a significant shift from rulemaking to enforcement. The move follows a public consultation that ran from June 11 to July 2.

The licensing framework covers a wide range of activities, including exchanges, custody, broker-dealer services, lending, derivatives, asset management, token issuance, and mining-related services. Licensed providers must segregate customer holdings and face restrictions on lending or pledging those assets without written consent.

Existing operators have until September 5 to apply for a no-objection certificate (NOC); operating past the deadline without applying can trigger enforcement. PVARA has indicated it already issued NOCs to some firms, including Binance and HTX.