Overview
- PVARA notified detailed licensing regulations and opened an online application portal on Friday, formally making the virtual-asset licensing regime operational.
- Existing virtual asset service providers must file No-Objection Certificate (NOC) applications by September 5, 2026 under Section 70 of the Virtual Assets Act or stop operating, and operating without filing after that date is an offence.
- The regulations define 10 activity-specific licence categories, including exchange, custody, broker-dealer, lending and borrowing, derivatives, asset management, issuance, transfer and settlement, advisory, and mining-related services.
- State Bank of Pakistan Circular No. 10 of April 14, 2026 lets PVARA-licensed firms open formal bank accounts, including segregated client money accounts, reversing an earlier banking ban.
- PVARA chairman Bilal Bin Saqib has publicly invited domestic and foreign firms to get licensed and build in Pakistan, a shift that could draw investment, create jobs, and give consumers legal safeguards for their crypto holdings.