🚦 Pakistan🇵🇰: PVARA opens crypto licensing portal

🚦 Pakistan🇵🇰: PVARA opens crypto licensing portal

Following the publication of regulations governing crypto service providers, the Virtual Assets Regulatory Authority (PVARA) opened a portal for license applications. The deadline is September 5, 2026. Companies that fail to submit their applications within the deadline will have to leave the market.

📌 Pakistani and foreign providers offering services such as the following must apply for a No Objection Certificate (NOC), a prerequisite for obtaining an operating license:

📌 Asset custody;
📌 Brokerage and dealing services;
📌 Exchanges;
📌 Lending;
📌 Derivatives;
📌 Asset management;
📌 Token issuance;
📌 Mining-related services.

📌 In addition to obtaining an NOC, crypto companies may test their services within a regulatory sandbox under PVARA supervision before applying for a full operating license.

📌 Context: Pakistan's virtual assets law was enacted in March 2026, and in April, the Central Bank authorized credit institutions to engage in crypto-related activities, subject to certain restrictions. Banks still cannot invest in crypto assets or hold them using their own funds, and they are also responsible for verifying related transactions.

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