Pakistan's PVARA Sets September 5 Deadline for Crypto Firm Licenses

Pakistan's Virtual Assets Regulatory Authority (PVARA) has set a deadline of September 5 for crypto firms to register and obtain licenses. The move aims to bring the market under the rule of law and protect investors from fraud, according to Chairman Bilal bin Saqib.

The PVARA has established a portal for companies to apply for licenses and No Objection Certificates (NOCs). Firms that were already providing virtual asset services on or before March 5 this year are considered transitional persons and must submit an application by the deadline. Operating without submitting an application after September 5 is considered an offense, as per Section 70 of the Virtual Assets Act 2026.

The regulations cover various categories, including exchanges, custody, broker-dealer work, advisory services, lending and borrowing, derivatives, discretionary asset management, transfer and settlement, mining infrastructure, and the issuance of tokens pegged to assets or to a single fiat currency. Applicants must meet minimum paid-up capital requirements, undergo a fit and proper test for directors and key staff, and implement anti-money laundering systems.

Licensed firms will gain access to the formal banking system, which has been a major obstacle for crypto businesses in Pakistan. Binance and HTX are among the exchanges that have already obtained NOCs. PVARA was created in July 2025 by presidential ordinance and made permanent this year's Act.