Pakistan opens virtual asset licensing portal, sets September 5 deadline

Mettis Global reported that the Pakistan Virtual Assets Regulatory Authority (PVARA) has issued its licensing rules and opened an online portal for applications. Under the Virtual Assets Act, 2026, the rules create 10 licence classes ranging from exchange operations and custodial services to brokerage, advisory, credit, derivatives, fund management, transfers, settlement, token issuance and mining support. Each category comes with its own rules on conduct, prudential safeguards, technology and anti-money laundering.

Firms already active in the market face a September 5, 2026 cut-off to lodge their No-Objection Certificate (NOC) requests. Section 70 of the Act requires any provider active before the law came into force to apply by that date or stop trading. Anyone still operating after September 5 without having applied commits an offence. Businesses not yet incorporated in Pakistan can use a sandbox or an early NOC under Section 19, then seek a full licence once formed.

Bilal Bin Saqib, PVARA chairman and Minister of State, said the rules will protect customer assets by requiring licensed firms to keep client holdings separate from their own funds. Lending or pledging those assets is barred without written consent. Licensed firms will also gain banking access, as State Bank of Pakistan Circular No. 10 of 2026, issued on April 14, lets regulated entities open accounts for PVARA-licensed firms, ending a ban in place since 2018.