Virtual assets licensing launched

Pakistan has issued licensing regulations for virtual asset service providers, and existing operators must apply by September 5, 2026, according to The Express Tribune. Bilal bin Saqib, who serves as Minister of State and chairs the Pakistan Virtual Assets Regulatory Authority, announced the framework on Saturday. The authority has also opened its licensing portal, and its rules set out 10 licence categories, ranging from exchanges and custody to mining-related services.

Under Section 70 of the Virtual Assets Act 2026, anyone already providing such services must seek a no-objection certificate before the deadline, and those who keep operating afterwards face criminal liability and a shutdown order. Licensed providers must keep client money apart from their own funds and cannot lend or pledge it without written consent. The State Bank of Pakistan has also allowed regulated banks to open accounts for licensed firms, ending a restriction dating back to 2018.

The regulations followed public consultations held from June 11 to July 2, 2026, after Parliament gave the authority permanent statutory status in March 2026. Saqib linked blockchain, stablecoins and tokenisation to possible gains in remittances, exports and SME financing. He added that tokenising exporters' receivables could connect them with global capital markets and ease working capital access.