Pakistan’s virtual asset regulator, PVARA, has told crypto exchanges and related service providers already operating in the country to enter a new licensing process by Sept. 5 or stop their business activities. According to CryptoSlate, the agency opened its licensing portal on Aug. 22 and released virtual asset service rules. Existing providers must file a no-objection certificate application, and those that submit complete applications on time may keep serving clients while their cases are reviewed. Firms that miss the deadline must halt regulated services. PVARA said the policy is not a blanket ban on crypto. Instead, it is a compliance-or-exit framework covering exchanges, custodians and other businesses serving Pakistani users.
Pakistan’s virtual asset regulator, PVARA, has ordered crypto exchanges and related service providers already operating in the country to enter a new licensing process by Sept. 5, or stop their business activities.
According to CryptoSlate, PVARA opened its virtual asset service provider licensing portal on Aug. 22 and released the rules governing those services.
Providers already offering crypto services in Pakistan are required to submit a no-objection certificate, or NOC, application. During the review period, companies that file complete applications on time may continue providing their existing services.
Firms that fail to submit an application by Sept. 5 must stop the regulated services they offer. Continuing to operate after that would be treated as a violation.
PVARA said the measure is not a blanket ban on crypto. It is a compliance-or-exit regime that applies to exchanges, custodians and other companies providing virtual asset services to users in Pakistan.
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