Pakistan has launched its virtual asset licensing regime, giving existing virtual asset service providers until September 5, 2026, to submit applications or cease operations.
The Pakistan Virtual Assets Regulatory Authority (PVARA) notified the regulations on Friday and opened its licensing portal under the Virtual Assets Act, 2026.
Under Section 70 of the Act, operators providing virtual asset services before the law took effect must submit a No-Objection Certificate application by the deadline. Continuing operations without an application after September 5 will constitute an offence, PVARA said.
The regulations establish 10 licence categories, covering exchanges, custody, broker-dealer services, advisory, lending and borrowing, derivatives, asset management, transfers and settlement, issuance and mining-related activities.
8 years of prohibition end today.
Chairman PVARA @BilalBinSaqib announces the notification of the Licensing Regulations and the opening of the licensing portal, and sets out what licensing requires of providers and what it guarantees consumers.
Get licensed. Get compliant. Come… pic.twitter.com/STVPsoX1so
— Pakistan Virtual Assets Regulatory Authority (@PakistanVARA) August 21, 2026PVARA said licensed providers will face requirements covering customer-asset segregation, conduct, prudential standards, technology and anti-money laundering and counter-terrorist financing controls.
Read: PVARA Seeks Crypto Fatwa Split for Asset-Backed Tokens
Minister of State and PVARA Chairman Bilal Bin Saqib said regulated providers would be required to keep customer holdings separate from their own assets and could not lend or pledge them without written consent.
Licensing will operate in two stages. Applicants planning to incorporate in Pakistan may enter a sandbox or obtain an NOC before seeking a full licence.
The framework also links licensed operators to the formal banking system. State Bank of Pakistan Circular No. 10 of 2026, issued April 14, permits regulated entities to open accounts, including segregated Client Money Accounts, for PVARA-licensed providers.
