Pakistan's Crypto Law Creates Uncertainty with No Licensed Exchanges

Pakistan has made significant strides in regulating its cryptocurrency market with the passage of the Virtual Assets Act, 2026. The law replaces a temporary rule from 2025 and creates the Pakistan Virtual Assets Regulatory Authority (PVARA) to oversee crypto services.

The PVARA will license and supervise companies offering virtual asset services, including exchanges, custodians, and other related businesses. However, as of writing, no exchange has obtained a full operating license from the authority.

This lack of clear regulation has left millions of Pakistanis who buy and sell cryptocurrencies in a state of uncertainty. Despite this, the new law provides much-needed clarity on the regulatory framework for crypto activities, which could support adoption and security in the future.