Pakistan kicks off crypto licensing regime with Sept. 5 registration deadline
Pakistan's Virtual Assets Regulatory Authority has mandated that crypto firms apply for licensing by September 5 or cease operations. The new regulations cover 11 types of crypto activities, marking a step toward formalizing the digital asset market in the country.
Why it matters
This move signals a significant shift in Pakistan's regulatory stance toward digital assets, balancing market growth with security and transparency requirements.
The country’s Virtual Assets Regulatory Authority (PVARA) said companies have until the deadline to submit an application for a no-objection certificate or cease operations.
“Licensees must follow strict operational and security standards safeguarding customer funds, maintaining robust cybersecurity, providing clear disclosures, and ensuring transparent business practices,” PVARA said in an announcement.
The licensing rules set out under the Virtual Assets Act 2026 cover 11 types of crypto-related activity, including custody, exchange, broker-dealer and derivatives.
The registration process continues progress towards formal regulation of digital assets, following the State Bank of Pakistan lifting the ban on financial institutions providing banking services for crypto firms in April. Banks, however, remain prohibited from investing in, trading, or holding crypto assets themselves.
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