Pakistan opens crypto license portal; NOC applications due Sept. 5

Pakistan’s Virtual Assets Regulatory Authority (PVARA) has opened an online licensing portal and set a Sept. 5 deadline for firms that provided virtual asset services on or before March 5 to submit no-objection certificate (NOC) applications. The authority’s press release warns that continuing to operate in Pakistan after the deadline without filing an application will be treated as an offense.

The portal follows notification of regulations that establish standards for crypto exchanges and other virtual asset service providers operating in Pakistan. The regulatory framework applies to trading platforms, custody services, broker-dealer operations, lending, derivatives, asset management, token issuance and mining-related services.

PVARA outlined two routes to formal approval. Firms preparing to incorporate in Pakistan can seek an NOC before local incorporation, while companies that need product testing may register for a regulatory sandbox to trial services under PVARA supervision before applying for a full license. The authority posted guidance on its licensing site and wrote on LinkedIn that “the licensing window is officially open, creating a clear pathway for businesses to enter Pakistan’s regulated virtual asset market, with defined standards for consumer protection, governance, compliance and market integrity.”

Under the rules, licensed providers must keep client holdings separate from their own assets and may not lend or pledge client funds without written consent. The framework requires governance measures, market conduct rules, cybersecurity protections, operational resilience policies and controls to prevent money laundering and terrorism financing. PVARA said the framework was finalized after a public consultation held from June 11 to July 2.

Preliminary NOCs were issued in December 2025 to some firms, including Binance and HTX, enabling those exchanges to establish local subsidiaries and prepare full license applications. PVARA indicated those preliminary approvals can proceed now that the rules have been notified and the licensing portal is active.

The licensing regime stems from the Virtual Assets Act passed by parliament in March, which established PVARA as the statutory regulator. The State Bank of Pakistan has permitted banks to provide accounts to licensed virtual asset service providers, including segregated client‑money accounts to support local banking relationships.

Companies that provided virtual asset services on or before March 5 must submit NOC applications by Sept. 5, register for the regulatory sandbox if they intend to test products, or wind down operations to avoid enforcement under the new law.