PVARA Launches Crypto Licensing Portal in Pakistan

Pakistan's Virtual Assets Regulatory Authority (PVARA) has launched its licensing portal for virtual asset service providers, including crypto exchanges. This move marks a significant step in implementing Pakistan's Virtual Assets Act, which was passed by parliament in March.

The PVARA has set a deadline of September 5 for existing firms to submit an application for a no-objection certificate (NOC) or cease operations. Firms that fail to comply will be considered to be operating illegally.

New regulations governing virtual asset service providers have been put in place, covering activities such as exchanges, custody, and lending. Licensed providers will be required to keep customer holdings separate from their own assets and cannot lend or pledge them without written consent.