cpeditor
- Pakistan has begun implementing its crypto licensing framework, with digital asset companies facing a Sept. 5 deadline to register.
- The Virtual Assets Regulatory Authority (PVARA) said firms must file for a no-objection certificate by the deadline if they want to remain operational. Companies that fail to apply must wind down their activities.
- The regulator said approved firms will be expected to meet rigorous operational and security requirements, including protecting customer funds, maintaining effective cybersecurity, providing adequate disclosures and ensuring transparent operations.
- The Virtual Assets Act 2026 establishes licensing requirements across 11 categories of crypto-related services, including custody, exchanges, broker-dealer activities and derivatives.
- The new registration process represents another milestone in Pakistan’s effort to bring its digital asset industry under a formal regulatory structure. It follows the State Bank of Pakistan’s decision in April to lift restrictions on banks offering services to crypto companies.
- Banks can now provide services to licensed crypto businesses, but they remain prohibited from directly investing in, trading or holding cryptocurrencies.
