PVARA Sets Deadline for Crypto Firms to Obtain NOCs

Pakistan's Virtual Assets Regulatory Authority (PVARA) has given existing virtual asset service providers (VASPs) until September 5, 2026, to submit applications for no-objection certificates (NOCs), warning that firms failing to meet the deadline will have to cease operations.

This is a significant step in Pakistan's efforts to bring the cryptocurrency and digital assets sector under a formal regulatory framework. PVARA noted that Pakistan had moved from primary legislation to notified regulations and an open licensing process in less than six months.

The development comes as the government accelerates efforts to regulate virtual assets and integrate the sector into the formal financial system. The State Bank of Pakistan (SBP) has also introduced measures allowing regulated banks to provide accounts and banking services to PVARA-licensed VASPs and their customers.