Pakistan opens crypto licensing portal with September 5 deadline for exchanges

Pakistan’s Virtual Assets Regulatory Authority (PVARA) launches its licensing portal, enforcing a September 5, 2026 deadline for virtual asset service providers (VASPs) to apply for a no-objection certificate or cease operations. The move implements the Virtual Assets Act passed in March 2026. Licensed firms, including Binance and HTX which received preliminary approvals in December 2025, must comply with strict rules, such as separating customer holdings from corporate assets.

PVARA licensing portal launch

• ▪The launch of the PVARA licensing portal officially transitions Pakistan’s cryptocurrency framework from legislation into enforcement for both domestic and overseas virtual asset service providers.
• ▪PVARA issued a preliminary no-objection certificate (NOC) to the cryptocurrency exchange Binance in December 2025, allowing the exchange to establish a local subsidiary in Pakistan.
• ▪Pakistan’s Virtual Assets Regulatory Authority (PVARA) opened its licensing portal for virtual asset service providers (VASPs) following the notification of regulations governing crypto exchanges.

September 5 compliance deadline

• ▪Virtual asset service providers operating in Pakistan on or before March 5, 2026 must submit an application for a no-objection certificate (NOC) by September 5, 2026, or cease operations.
• ▪PVARA stated in an August 2026 press release that operating a virtual asset service in Pakistan after the September 5, 2026 deadline without submitting an application constitutes an offense.

Virtual Assets Act implementation

• ▪Pakistan’s parliament passed the Virtual Assets Act in March 2026, establishing the Pakistan Virtual Assets Regulatory Authority (PVARA) as the statutory regulator for the sector.
• ▪Following the passage of the Virtual Assets Act, the State Bank of Pakistan allowed banks to provide accounts, including segregated client-money accounts, to licensed virtual asset service providers.

VASP regulatory requirements

• ▪The PVARA regulatory framework covers activities including crypto exchanges, custody, broker-dealer services, lending, derivatives, asset management, token issuance, and mining-related services.
• ▪The PVARA framework provides two routes to licensing: a sandbox pathway for firms testing new products and a no-objection certificate (NOC) pathway for companies preparing to incorporate in Pakistan.
• ▪Under the PVARA framework, licensed virtual asset service providers in Pakistan must keep customer holdings separate from their own assets and cannot lend or pledge them without written consent.

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