Existing virtual asset providers must apply for a no-objection certificate by September 5 or halt operations under new regulations.
Pakistan’s Virtual Assets Regulatory Authority (PVARA) has opened a licensing portal for crypto firms, setting a September 5 deadline for existing providers to apply for a no-objection certificate (NOC). Companies operating before March 5 must comply or cease operations, as failure to submit an application by the deadline will be deemed an offense under the new framework.
The regulations cover exchanges, custody, broker-dealer services, lending, derivatives, asset management, token issuance, and mining. PVARA stated the move establishes defined standards for consumer protection, governance, and compliance, transitioning the market from legislation to enforcement.
Domestic and overseas virtual asset service providers (VASPs) must now enter the formal licensing process or exit the Pakistani market. The framework aims to create a regulated environment for virtual assets while enforcing market integrity.