Pakistan Sets September 5 Deadline for Crypto Platforms to Comply or Leave

Pakistan's Virtual Assets Regulatory Authority (PVARA) has issued a September 5 deadline for crypto platforms to comply with its new licensing regime or leave the market.

The move marks a shift from broad crypto policy to formal supervision, with PVARA opening a licensing portal on August 22 after issuing final virtual-asset service regulations a day earlier.

Bilal Bin Saqib, Chairman of PVARA, said, 'This market [previously] existed without a clear regulatory pathway. Today, that changes. We now have the rules, the regulator and the licensing framework to bring virtual assets into the formal economy, protect consumers and build the foundation for the next generation of financial infrastructure.'

Firms already operating in Pakistan when the Virtual Assets Act took effect on March 5 must submit an application for a no-objection certificate (NOC) by September 5.

Receiving an NOC does not mean a company has obtained a full virtual asset service provider license, but rather allows it to proceed with compliance requirements and local incorporation before submitting a full license application.