Pakistani Crypto Regulator Launches Licensing Portal with Tight Deadline
Pakistan's Virtual Assets Regulatory Authority (PVARA) has launched its licensing portal for virtual asset service providers, setting a September 5 deadline for existing operators to apply for a no-objection certificate (NOC).
The move marks a significant step in the country's regulatory framework, which was established with the passage of the Virtual Assets Act in March. PVARA has notified regulations that define how crypto services will be authorized in Pakistan, and existing operators must submit their NOC applications by September 5 to avoid being treated as an offense.
The framework covers a wide range of virtual asset service provider (VASP) 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.