Pakistan gives crypto platforms a September 5 deadline to comply or leave

Pakistan has given crypto platforms until Sept. 5 to enter its new licensing regime or stop serving the market, moving the country from broad crypto policy toward formal supervision.The Pakistan Virtual Assets Regulatory Authority, or PVARA, opened a licensing portal on Aug. 22 after issuing final virtual-asset service regulations a day earlier.Bilal Bin Saqib, PVARA's Chairman, said:“This market [previously] existed without a clear regulatory pathway. Today, that changes. We now have the rules, the regulator and the licensing framework to bring virtual assets into the formal economy, protect consumers and build the foundation for the next generation of financial infrastructure. Today we built the rules. Now we build the opportunity.”The deadline applies to providers that were already operating in Pakistan when the Virtual Assets Act took effect on March 5. Those firms must submit an application for a no-objection certificate, or NOC, which serves as preliminary regulatory clearance allowing them to move toward full licensing.A timely, complete application lets an existing provider continue offering its current services while PVARA reviews the filing, although the regulator can imp...