Pakistan Crypto Licensing: PVARA Sets Sept 5 NOC Deadline for VASPs Under 2026 Law

Pakistan’s Virtual Assets Regulatory Authority (PVARA) opened a licensing portal under the Virtual Assets Act 2026 and set a Sept 5 deadline for crypto firms. “Transitional persons” that operated in Pakistan on or before March 5 must apply for a No Objection Certificate (NOC) by Sept 5, or continuing operations becomes an offense under Section 70. The Act introduces 11 Pakistan crypto licensing licence categories, spanning exchanges, custody, broker-dealer activities, advisory, lending/borrowing, derivatives, asset management, transfer & settlement, mining infrastructure, and stablecoin/token issuance. Applicants must register a Pakistan entity, pass fit-and-proper tests for directors and key staff, and implement AML controls plus cybersecurity and business continuity. Licensed firms must segregate customer assets and cannot lend or pledge them without written consent. In return, PVARA signals improved banking access after Pakistan lifted an eight-year crypto banking ban. The process also requires an NOC first, then registration with the Financial Monitoring Unit and incorporation of a local subsidiary before filing the main licence application—potentially pushing offshore platforms serving Pakistan to set up local entities. Binance and HTX are among firms already holding certificates. For traders, this is primarily a regulatory/structural shift for Pakistan-based providers, with likely limited direct impact on global BTC/ETH pricing, though it may change local liquidity and compliance expectations.