Pakistan sets Sept 5 deadline for crypto firms to seek operating licenses

Pakistan's Virtual Assets Regulatory Authority (PVARA) has established September 5 as the deadline for current virtual asset service providers (VASPs) to submit applications for no-objection certificates (NOCs). PVARA warned that any providers failing to comply must cease operations.

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Existing virtual asset service providers must submit their NOC applications by Sept 5, 2026 or cease operations.

This move marks a significant step in regulating the virtual asset sector in Pakistan, a market where financial observers estimate Pakistanis have invested billions of dollars. The government and the State Bank of Pakistan have implemented several measures to bring virtual assets under regulatory oversight.

PVARA announced that Pakistan's virtual asset licensing regime is now active, highlighting the nation's rapid progress from primary legislation to a fully operational licensing process in under six months. The sector has been primarily managed by the Ministry of Finance, which facilitated the launch of the Pakistan Crypto Council (PCC) and the establishment of PVARA to oversee licensing and policy.

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In under six months, Pakistan has moved from primary legislation to notified regulations and an open licensing process.

The State Bank has also adjusted its previous restrictions, allowing regulated banks to open accounts for PVARA-licensed VASPs and their clients. Banks are instructed to maintain separate, non-remunerative rupee accounts for licensed providers and enforce strict anti-money laundering and know-your-customer standards. However, commercial banks are prohibited from trading or investing in virtual assets with their own capital or customer deposits, with their involvement limited to providing banking infrastructure and transaction monitoring for authorized operators.

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Pakistan is opening the front door to the global digital asset economy, with clear rules, regulatory oversight and accountability.