Pakistan opens crypto licensing portal, sets Sept. 5 deadline for existing firms

Pakistan’s Virtual Assets Regulatory Authority (PVARA) has opened its licensing portal after notifying regulations governing crypto exchanges and other virtual asset service providers (VASPs) operating in the country. Companies providing virtual asset services on or before March 5 must submit an application for a no-objection certificate (NOC) by Sept. 5 or cease operations, according to the PVARA licensing website. Operating after the deadline without submitting an application will constitute an offense, PVARA said in a Saturday press release published by the Associated Press of Pakistan.“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,” PVARA said on LinkedIn. The launch moves Pakistan’s crypto framework from legislation into enforcement, requiring domestic and overseas VASPs to enter the formal licensing process or stop serving the market. New regulations clear path to full crypto licensesThe framework covers activities including exchanges, custody, broker-dealer services, lending, derivatives, asset mana...