PVARA

Pakistan

2026-09-05 10:44:14

Pakistan Virtual Asset Authority Registration Deadline Passes Today, Unregistered Firms Must Cease Operations

The Pakistan Virtual Asset Regulatory Authority (PVARA) has set a registration deadline for cryptocurrency service providers as today, September 5. All VASPs operating in Pakistan must submit a No Objection Certificate (NOC) by the end of the day or face legal cessation of business.

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Pakistan

2026-08-28 09:22:08

Pakistan says it built a crypto regulatory regime in under six months using 8% of its approved budget

Pakistan has rolled out a virtual asset regulatory regime in less than six months while spending only about $200,000, or 8% of the budget approved for the effort, according to Bilal Bin Saqib, the country’s Minister of State and chairman of the Pakistan Virtual Assets Regulatory Authority, or PVARA. Speaking at Bitcoin Asia in Hong Kong on Aug. 28, Saqib said the move took Pakistan from primary legislation to notified regulations and a live licensing regime, creating a formal operating pathway for digital asset firms. The framework covers exchanges, custody, brokerage, asset management, lending and settlement. It also sets requirements for governance, anti-money laundering and counter-terrorism financing, customer asset protection, cybersecurity and market conduct. Saqib presented the rollout as a case study in building regulation with smaller teams and technology-driven workflows rather than a large bureaucracy. He also said Pakistan is looking past today’s crypto market toward a future shaped by tokenized markets, programmable payments, stablecoins, machine-to-machine commerce and AI agents. In that setting, he said, regulators may need to address responsibility, delegated authority and AML controls when AI systems transact directly with one another.

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Pakistan

2026-08-28 09:27:19

Pakistan says it built a virtual asset rulebook in under six months

Pakistan has set up its virtual asset regulatory framework in less than six months, according to Bilal Bin Saqib, state minister and chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), speaking at the Bitcoin Asia conference. He said the effort used only about 8% of the approved budget, or roughly $200,000, leaving about 92% untouched. Saqib said government performance should be judged by what is delivered rather than by how much money is spent. The framework covers exchanges, custody, brokerage, asset management, lending and settlement. It also introduces requirements tied to governance, anti-money laundering and counter-terrorist financing, customer asset protection, cybersecurity and market conduct. He added that Pakistan’s regulatory agenda goes beyond the current digital asset market. Areas he pointed to for future attention include tokenized markets, programmable payments, stablecoins, machine-to-machine transactions and the AI agent economy, alongside rules for agent payments and agent-driven economic activity. Saqib also said emerging markets do not need to spend a decade catching up and can build at the frontier instead.

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crypto regula

2026-08-28 06:34:36

Hong Kong and Pakistan Regulators Present Contrasting Crypto Approaches

At Bitcoin Asia 2026 in Hong Kong, two officials outlined divergent paths for digital asset regulation during a panel titled "The Future of Bitcoin and Special Economic Zones." Liang Hanjing of Hong Kong's Investment Promotion Agency emphasized consistency, saying Hong Kong lays out a roadmap and sticks to it, releasing new measures every six to twelve months so firms can plan over three-to-five-year horizons. He noted Hong Kong aims at tokenizing $320 trillion in traditional financial assets. In contrast, Bilal Bin Saqib, chairman of Pakistan's Virtual Assets Regulatory Authority, prioritized speed: his agency moved from legislation to rules in six months while using only 8% of its budget. He argued that emerging economies still rely on institutional frameworks built on 19th- and 20th-century tracks, even as technology moves at machine and internet speed. He acknowledged that execution requires risk mitigation but said for Pakistan, inaction would cost far more than action.

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Pakistan

2026-08-27 11:35:17

Pakistan and Hong Kong discuss deeper cooperation in digital assets and tokenized capital markets

Pakistan’s Virtual Assets Regulatory Authority said Pakistan and Hong Kong are exploring closer cooperation across financial services, digital assets, and tokenized capital markets. The statement came after Bilal Bin Saqib, minister of state and chairman of PVARA, met with Christopher Hui, Hong Kong’s secretary for financial services and the treasury. Their talks covered digital bond issuance, regulatory innovation, and the role tokenization could play in making capital formation and financial market operations more efficient. PVARA added that Hong Kong’s experience could offer a reference point for Pakistan as it works to build what it described as a next-generation financial system. The update was published by PVARA in a social media post.

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Pakistan

2026-08-27 05:34:20

Pakistan PVARA chief meets HKMA deputy chief to discuss virtual asset regulation

Pakistan’s Virtual Assets Regulatory Authority said its chairman and minister of state, Bilal Bin Saqib, met with Arthur Yuen, deputy chief executive of the Hong Kong Monetary Authority, for talks on virtual asset regulation. According to a post published by PVARA on X, the two sides exchanged views on oversight of virtual assets and on changes in the global financial architecture. The disclosure did not provide additional details on the meeting, outcomes, or any specific policy proposals. The update was cited by Foresight under its policy and regulation coverage.

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Pakistan

2026-08-24 12:14:27

Pakistan Gives Crypto Firms Until September 5 to Start Registration Process

Crypto companies serving users in Pakistan have until September 5 to enter the country’s new licensing track or stop operating, under rules announced by the Pakistan Virtual Assets Regulatory Authority, or PVARA. Firms already active on or before March 5, when the Virtual Assets Act 2026 took effect, are treated as transitional persons and must file for a No Objection Certificate by that date. PVARA said operating after the deadline without an application would be an offense under Section 70 of the law. The framework, announced by PVARA Chairman Bilal bin Saqib, covers a wide range of activities including exchanges, custody, broker-dealer services, lending, derivatives, asset management, settlement, mining infrastructure, and fiat- or asset-backed token issuance. Applicants must be incorporated in Pakistan under the Companies Act 2017, meet paid-up capital thresholds, pass fit and proper checks, and install anti-money laundering, cybersecurity, and business continuity controls. After receiving a No Objection Certificate, firms must register with Pakistan’s Financial Monitoring Unit and set up a local subsidiary before applying for a license. That requirement means offshore exchanges serving Pakistani users need a domestic entity to remain in the market. PVARA said Binance and HTX already hold certificates.

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Pakistan

2026-08-24 11:28:54

Pakistan launches crypto regulatory regime, sets Sept. 5 registration deadline for digital asset firms

Pakistan has formally launched its cryptocurrency regulatory regime, with the Pakistan Virtual Assets Regulatory Authority, or PVARA, requiring digital asset companies to submit applications for a no-objection certificate by Sept. 5 or halt operations. The move puts the country’s new licensing framework into effect under the Virtual Assets Act 2026. PVARA said licensed entities will be required to meet strict operating and security standards. Those standards include safeguarding client funds, maintaining sound cybersecurity, providing clear disclosures, and ensuring transparent business practices. The licensing rules cover 11 categories of crypto-related activity, including custody, trading platforms, broker-dealers, and derivatives. The launch follows an earlier policy shift in April, when the State Bank of Pakistan lifted a ban that had prevented financial institutions from offering banking services to crypto companies. Even so, banks themselves are still barred from investing in, trading, or holding crypto assets. Pakistan had maintained a restrictive stance toward crypto for years, and the new framework shows a move away from outright restriction and toward regulated oversight within anti-money laundering and consumer protection rules.

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