Pakistan launches crypto license registration, requiring domestic virtual asset service providers to submit applications by September 5

PANews reported on August 24, according to CoinDesk, Pakistan’s virtual asset regulator PVARA has officially launched crypto asset license registration, requiring domestic virtual asset service providers to submit applications by September 5 to obtain a “No Objection Certificate” (NOC), or they must cease operations. The framework is based on the Virtual Asset Act 2026 and covers 11 types of business, including custody, exchanges, broker-dealers, and derivatives. PVARA said licensed institutions must comply with strict operational and security standards, including safeguarding customer funds, strengthening cybersecurity, and ensuring transparent information disclosure. Previously, Pakistan’s central bank lifted its ban in April on banks providing services to crypto companies, but commercial banks are still prohibited from directly investing in, trading, or holding crypto assets.