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Pakistan’s Virtual Assets Regulatory Authority (PVARA) has opened its licensing portal after notifying regulations governing crypto exchanges and other virtual asset service providers (VASPs) operating in the country. Companies providing virtual asset services on or before March 5 must submit an application for a no-objection certificate (NOC) by Sept. 5 or cease operations, according to the PVARA licensing website. Operating after the deadline without submitting an application will constitute an offense, PVARA said in a Saturday press release published by the Associated Press of Pakistan.“The licensing window is officially open, creating a clear pathway for businesses to enter Pakistan’s regulated virtual asset market, with defined standards for consumer protection, governance, compliance and market integrity,” PVARA said on LinkedIn. The launch moves Pakistan’s crypto framework from legislation into enforcement, requiring domestic and overseas VASPs to enter the formal licensing process or stop serving the market. New regulations clear path to full crypto licensesThe framework covers activities including exchanges, custody, broker-dealer services, lending, derivatives, asset management, token issuance and mining-related services. VASPs can pursue an NOC before incorporating locally or enter a regulatory sandbox to test products under PVARA supervision before seeking a full license. According to the press release, licensed providers will be required to keep customer holdings separate from their own assets and cannot lend or pledge them without written consent. The framework also requires covering governance, market conduct, cybersecurity, operational resilience and anti-money laundering and counter-terrorism financing controls. The rollout followed a public consultation held between June 11 and July 2. PVARA said the final framework provides two routes to licensing. This includes a sandbox pathway for firms testing new products and an NOC pathway for companies preparing to incorporate in Pakistan.Related: Pakistan crypto chief seeks dialogue after scholar rules against crypto paymentsPVARA has already issued NOCs to some firms, including Binance and HTX in December 2025. The preliminary approvals allow the exchanges to establish local subsidiaries and prepare full license applications, a process that can now advance following the notification of the regulations.Pakistan’s parliament passed the Virtual Assets Act in March, establishing PVARA as the statutory regulator for the sector. The State Bank of Pakistan subsequently allowed banks to provide accounts to licensed VASPs, including segregated client-money accounts.Magazine: MiCA cracks down on USDT in Europe… but no one else cares