PSX-listed Trust Securities plans to enter crypto business, seeks PVARA licences

Trust Securities & Brokerage Limited (TSBL) told the Pakistan Stock Exchange on Friday that its board has signed off on plans to apply for licences covering virtual asset services. Business Recorder reported that the company disclosed the move in several notices to the bourse. TSBL intends to seek licences from the Pakistan Virtual Assets Regulatory Authority (PVARA) covering custody, exchange, and the transfer and settlement of virtual assets.

The filing ties the application to the framework under the Virtual Assets Act, which governs the licensing of virtual asset service providers in Pakistan. TSBL also stressed that it has not started any regulated virtual asset business and will not undertake such activities until the required approvals are in place. Separately, the board has urged management to move ahead with launching a series of special purpose acquisition companies, subject to further regulatory clearances and shareholder approvals.

TSBL described the SPAC plan as preliminary, noting that no definitive transaction, acquisition or merger had been agreed as of the announcement date. The company said the initiative would allow it to take part in creating, structuring and listing such vehicles. According to the notice, PVARA licenses and supervises virtual asset service providers and has set out several service categories.