Pakistan opens VASP licensing as new crypto rules take effect

Pakistan’s Virtual Assets Regulatory Authority has opened its licensing system and given existing crypto service providers until Sept. 5 to apply for preliminary approval or stop operating in the country. Summary Pakistan has opened its crypto licensing portal, with existing VASPs required to apply for an NOC by Sept. 5. Firms that miss the deadline must stop operating, while unapproved operations after Sept. 5 will constitute an offense. The rules cover exchanges, custody, lending, derivatives, asset management, token issuance and mining services. Licensed providers must segregate customer assets and meet governance, cybersecurity and anti money laundering requirements. Binance and HTX received preliminary approvals in December 2025 and can now proceed toward full licences. The Associated Press of Pakistan reported on Aug. 22 that PVARA had notified its virtual asset licensing regulations and launched the application portal under the Virtual Assets Act, 2026, completing the rules needed to license and supervise exchanges and other virtual asset service providers. Companies that were already providing virtual asset services on or before March 5 fall under the transitional provision...