- Pakistan has launched its formal crypto licensing process, giving digital asset businesses until Sept. 5 to submit their registration applications.
- The Virtual Assets Regulatory Authority (PVARA) said companies seeking to continue operating must apply for a no-objection certificate before the deadline. Firms that fail to do so will be required to halt their activities.
- Under the new regime, licensed crypto businesses will need to meet strict standards for operations and security, including safeguarding customer assets, strengthening cybersecurity, issuing adequate disclosures and maintaining transparent business practices.
- The Virtual Assets Act 2026 establishes rules for 11 categories of crypto activity, covering services such as asset custody, exchanges, broker-dealers and derivatives.
- The licensing initiative marks a further move by Pakistan toward formal oversight of the digital asset sector. The development follows the State Bank of Pakistan’s April decision to remove restrictions on banks providing services to cryptocurrency companies.
- Financial institutions can now serve crypto businesses, but banks themselves are still prohibited from investing in, trading or holding digital assets.
Pakistan Begins Formal Crypto Licensing Process With Sept. 5 Cutoff
