Pakistan has officially launched its virtual asset licensing regime. Now, the South Asian country is allowing virtual asset service providers (VASPs) to apply for regulatory approval which it calls an NOC. In this regard, The Pakistan Virtual Assets Regulatory Authority (PVARA) has set a deadline for receiving applications. This development is a major step in Pakistan’s efforts to establish formal oversight on the digital asset sector. As per the announcement of PVARA), the country is moving from primary legislation to notified regulations.

Pakistan’s virtual asset licensing regime is now live. 🇵🇰

In under 6 months, Pakistan has moved from primary legislation to notified regulations and an open licensing process.

Under Section 70 of the Virtual Assets Act, 2026, existing virtual asset service providers must submit… pic.twitter.com/B0uH9n2JoA

— Pakistan Virtual Assets Regulatory Authority (@PakistanVARA) August 21, 2026

Existing VASPs Face September 5 NOC Deadline

Under Section 70 of the Virtual Assets Act, 2026, all existing virtual asset service providers, must submit applications for a No Objection Certificate (NOC). September 5, 2026 is the official deadline for submission of NOC applications. The existing virtual services provides have been classified as “transitional persons” till the NOC is granted.

Trading platforms that fail to meet the deadline will be required to cease their operations in Pakistan before the 5 Sept deadline. This requirement gives the existing market participants a very limited window (15 days only) to enter the new regulatory framework and continue providing virtual asset services legally.

Pakistan Establishes Framework for Crypto Businesses

Pakistan enacted the Virtual Assets Act, 2026 in March. The act established PVARA as the country’s regulator for virtual assets and blockchain-related activities. The newly notified Pakistan Virtual Asset Services Regulations, 2026 now provide the framework for licensing and regulatory oversight.

Following the Virtual Asset Act, applicants can apply for 3 different regulatory pathways. This includes the Regulatory Sandbox, the NOC-to-License route, and full VASP license. The licensing framework covers a range of activities, including cryptocurrency exchanges, custodians, brokers, and other virtual asset services.

As per the announcement by PVARA, the new regime intends to provide clear rules, regulatory oversight, and accountability. This will help to open the Pakistani Market to the broader global digital asset economy. Pakistan is already among the top 5 countries leading in crypto adoption. The framework also seeks to align Pakistan’s virtual asset sector with international Financial Action Task Force (FATF) standards.