Crypto24 August, 20262 min read
Pakistan Opens Crypto Licensing Portal, Orders Firms To Apply By September 5 Or Cease Operations
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PVARA opened licensing portal for Virtual Asset Providers (VAPs). Existing firms must apply for NOC by Sept 5 or cease operations.
6 outlets told this the same way.
Pakistan opens licensing portal
Pakistan has set up a regulatory framework for cryptocurrencies and opened a licensing portal, moving away from a long-standing ban and toward formal supervision under the Virtual Assets Act.
“‘This market [previously] existed without a clear regulatory pathway. Today, that changes.”
The Pakistan Virtual Assets Regulatory Authority (PVARA) notified licensing regulations and opened its portal on Aug. 22, with existing virtual asset service providers required to submit applications by September 5 or cease operations.
Under Section 70 of the Virtual Assets Act, any person providing virtual asset services before the Act commenced must submit an NOC application by that date, or cease operations, and operating without submitting an application after that date is an offence.
PVARA Chairman Bilal Bin Saqib said, "This market [previously] existed without a clear regulatory pathway. Today, that changes."
Pakistan’s shift is tied to earlier steps including the Virtual Assets Act being signed by President Asif Ali Zardari and PVARA being constituted as a permanent statutory body by Act of Parliament in March 2026.
Comply or exit deadline
CryptoRank says the September 5 deadline applies to crypto exchanges, custodians and other virtual-asset providers that were already operating in Pakistan when the Virtual Assets Act took effect on March 5.
Under the transition rules described by CryptoRank, firms must submit an application for a no-objection certificate (NOC) by Sept. 5 to continue offering current services while PVARA reviews the filing, though the regulator can impose interim limits on onboarding, products, transaction volumes, or custody.
CryptoRank adds that firms that do not apply by Sept. 5 must stop the affected services, and that continuing to operate without an application after the deadline will constitute an offense.
The same framework requires licensed providers to segregate customer assets and maintain orderly wind-down procedures, including withdrawal and claims channels during an orderly wind-down.
CryptoRank also reports that Binance and HTX hold NOCs from Dec. 2025 and can apply directly for full licenses rather than seeking fresh preliminary clearance.
Banking access and enforcement
Geo News says the licensing regulations establish 10 licence categories spanning exchange, custody, broker-dealer, advisory, lending and borrowing, derivatives, asset management, transfer and settlement, issuance, and mining-related services, each supported by activity-specific conduct, prudential, technology and AML/CFT requirements. Geo News also states that licensed providers will gain access to the formal banking system, citing State Bank of Pakistan Circular No 10 of 2026 issued on 14 April 2026 that permits regulated entities to open accounts for PVARA-licensed virtual asset service providers, including segregated Client Money Accounts. In the same account, Bilal Bin Saqib told providers, "Get licensed, get banked, and build something here that lasts," and told young Pakistanis already in the market, "Now the state is with you.”
Cointelegraph frames the rollout as moving Pakistan’s crypto framework from legislation into enforcement, requiring domestic and overseas VASPs to enter the formal licensing process or stop serving the market. Cointelegraph reports that PVARA said the licensing window is officially open and that the framework requires licensed providers to keep customer holdings separate from their own assets and cannot lend or pledge them without written consent.