Pakistan's Crypto Licensing Portal Opens with Tight Deadline for Existing Firms
Pakistan's Virtual Assets Regulatory Authority (PVARA) has launched its licensing portal for crypto exchanges and other virtual asset service providers operating in the country.
The portal allows companies to submit applications for a no-objection certificate (NOC) by September 5, or they will be required to cease operations. This move marks the enforcement of Pakistan's crypto framework, which was established through legislation.
The new regulations cover various activities, including exchanges, custody, broker-dealer services, lending, derivatives, asset management, token issuance, and mining-related services.
Licensed providers will be required to keep customer holdings separate from their own assets and cannot lend or pledge them without written consent. The framework also emphasizes governance, market conduct, cybersecurity, operational resilience, and anti-money laundering and counter-terrorism financing controls.