PVARA opens crypto licensing portal and sets 5 September deadline
Pakistan's virtual assets regulator has notified its licensing rules and told existing operators to apply for a No Objection Certificate or stop trading.
The Pakistan Virtual Assets Regulatory Authority (PVARA) has notified its licensing regulations and opened an online portal for crypto businesses. The step completes the rulebook under the Virtual Assets Act, 2026, according to a PVARA press release reported on 23 August.
The rules create ten licence categories. They cover exchanges, custody, broker dealer services, advisory, lending and borrowing, derivatives, asset management, transfer and settlement, token issuance and mining related services. Each category carries its own requirements on conduct, financial strength, technology and anti money laundering controls.
The deadline matters most for firms already in the market. Any business that was providing virtual asset services in Pakistan must file for a No Objection Certificate (NOC) by 5 September 2026 under Section 70 of the Act. Firms that miss the date must stop operating. PVARA said carrying on without an application will be treated as an offence.
Two routes to a licence
New entrants have two paths. A company planning to incorporate in Pakistan can join PVARA's regulatory sandbox or seek an NOC under Section 19, then apply for a full licence once it is set up. PVARA's own licensing page says applicants need a Pakistani company, a minimum paid up capital that ranges from Rs15 million to Rs500 million depending on the activity, and at least three directors. It also states there is no cap on foreign ownership.
The authority's chairman, Minister of State Bilal Bin Saqib, said the framework is meant to protect customer assets, as reported by TechJuice and The Nation. Licensed providers must keep client holdings apart from their own money and cannot lend or pledge them without written consent.
Banking access is part of the package. State Bank of Pakistan Circular No. 10 of 2026, issued on 14 April, allows regulated banks to serve licensed providers and to open segregated client money accounts. PVARA ran a public consultation on the draft rules from 11 June to 2 July, and Parliament made the authority permanent in March.
For local crypto and Web3 startups, the message is plain: the grey area is closing. A company that wants to hold customer funds will need capital, a compliance function and a licence. The coverage reviewed here does not say how many firms filed before the deadline.
Reported from PVARA's licensing page and coverage in The Nation and TechJuice.
