Pakistan opens virtual asset licensing portal, sets Sept. 5 deadline for existing providers to seek NOC

Pakistan’s Virtual Asset Regulatory Authority, or PVARA, has opened its licensing portal and set a compliance deadline for firms already operating in the country’s crypto sector. Companies that were providing virtual asset services on or before March 5 must apply for a no-objection certificate, known as an NOC, by Sept. 5. Firms that do not apply by that date must stop operating, and those that continue to run their business without filing after the deadline will be acting illegally. The new framework covers a broad range of services tied to virtual assets. That list includes exchanges, custody, brokerage trading, lending, derivatives, asset management, token issuance, and mining-related services. PVARA also laid out two entry routes for providers: they may first apply for an NOC, or test products in a regulatory sandbox supervised by the authority before seeking a full license. Licensed firms will face several operating requirements. They must keep client assets separate from their own funds and may not lend or stake customer assets without written consent. They are also required to meet standards on governance, market conduct, cybersecurity, operational resilience, anti-money laundering, and counter-terrorist financing. According to Cointelegraph, PVARA has already issued NOCs to companies including Binance and HTX.