Pakistan Opens Crypto Licensing Portal, Gives Firms Until September 5 to Register

Pakistan has switched on the licensing portal for its virtual asset industry, marking the first real enforcement step since lawmakers passed rules for crypto exchanges and related businesses earlier this year.

Sept. 5 Deadline for Existing Crypto Firms

The Virtual Assets Regulatory Authority, known as PVARA, says any company that was already offering crypto services on or before March 5 must file for a no-objection certificate by September 5. Miss that date, and continuing to operate becomes a legal offense under the new framework.

Two Ways to Get Licensed

Firms have two options. They can apply directly for an NOC before setting up a local entity, or join a regulatory sandbox where new products get tested under PVARA’s watch before a full license is granted.

What the Rules Actually Cover

The framework applies to exchanges, custody providers, brokers, lending platforms, derivatives desks, asset managers, token issuers and mining-related services. Licensed firms must keep customer funds separate from company money and cannot lend or pledge client holdings without written permission. Governance, cybersecurity and anti-money laundering checks are also mandatory.

Binance and HTX Already Have a Head Start

PVARA gave preliminary NOCs to Binance and HTX back in December, letting them start building local subsidiaries ahead of everyone else.

The rules follow the Virtual Assets Act passed in March, after which the central bank cleared licensed crypto firms to open bank accounts, including separate accounts for client money.