ISLAMABAD, Aug 22 (APP):The Pakistan Virtual Assets Regulatory Authority (PVARA) has notified licensing regulations and opened its licensing portal, completing the regulatory framework for licensing and supervision of virtual asset service providers in the country. Issued under the Virtual Assets Act, 2026, the regulations establish 10 licence categories covering exchanges, custody, broker-dealer services, advisory, lending and borrowing, derivatives, asset management, transfer and settlement, issuance and mining-related services, with detailed requirements …
PVARA launches virtual asset licensing regime
ISLAMABAD, Aug 22 (APP):The Pakistan Virtual Assets Regulatory Authority (PVARA) has notified licensing regulations and opened its licensing portal, completing the regulatory framework for licensing and supervision of virtual asset service providers in the country.
Issued under the Virtual Assets Act, 2026, the regulations establish 10 licence categories covering exchanges, custody, broker-dealer services, advisory, lending and borrowing, derivatives, asset management, transfer and settlement, issuance and mining-related services, with detailed requirements for conduct, prudential standards, technology and AML/CFT compliance.
Existing virtual asset service providers must submit applications for a No-Objection Certificate (NOC) by September 5,
2026, under Section 70 of the Act, failing which they will have to cease operations.
Operating without submitting an application after the deadline will constitute an offence, according to PVARA press release issued here Saturday.
PVARA Chairman and Minister of State Bilal Bin Saqib said the new framework would provide legal protection for customer assets, requiring licensed providers to segregate customer holdings from their own assets and prohibiting their lending or pledging without written consent.
The licensing process will operate in two stages, with applicants seeking incorporation in Pakistan able to enter a regulatory sandbox or obtain an NOC under Section 19 before applying for a full licence.
The framework also provides licensed virtual asset service providers access to the formal banking system. State Bank of Pakistan Circular No. 10 of 2026, issued on April 14, allows regulated entities to open accounts for PVARA-licensed providers, including segregated Client Money Accounts.
Bilal said, the regulations followed a public consultation held from June 11 to July 2, 2026, including a stakeholder webinar.
The authority was established as a permanent statutory body in March 2026, while banking access was secured in April, enabling the licensing framework to be completed within six months.
