The Pakistan Virtual Assets Regulatory Authority (PVARA) has set September 5, 2026 as the statutory deadline for existing virtual asset service providers (VASPs) to apply for a no-objection certificate (NOC) under the Virtual Assets Act, 2026. Operators that do not submit an application by the deadline must cease operations, and continued operation without an application will constitute an offence.

Who must apply and by when

Any entity that was providing virtual asset services on or before March 5, 2026 must submit an NOC application by September 5, 2026, three days from today. The requirement applies to cryptocurrency exchanges, wallet operators, token issuers, custodians, investment platforms and any other business that handles virtual assets. PVARA has said that operating after the deadline without having submitted an application is an offence under Section 70 of the Virtual Assets Act, 2026.

The 10-category licensing framework

The regulations, issued under the Virtual Assets Act, 2026, establish 10 licence categories: exchanges, custody, broker-dealer services, advisory, lending and borrowing, derivatives, asset management, transfer and settlement, token issuance, and mining-related services. Each category carries specific requirements for conduct, prudential standards, technology, and anti-money laundering and counter-terrorism financing (AML/CFT) compliance.

PVARA has said the framework offers two routes to licensing. Firms can obtain an NOC under Section 19 of the Act as a first step toward full licensing, or enter a regulatory sandbox to test products under PVARA supervision before applying for a full licence. The authority targets a decision on NOC applications within 60 calendar days of a complete submission.

Steps to apply for an NOC

  • Prepare documents. Submit a business plan, corporate documents, and an AML/CFT policy through the PVARA licensing portal.
  • Submit NOC application. File the application via the portal at portal.pvara.gov.pk. The deadline is September 5, 2026.
  • Receive NOC. If approved, receive preliminary regulatory clearance to proceed.
  • Register with the Financial Monitoring Unit. Complete registration on the FMU goAML portal.
  • Incorporate locally. Establish a subsidiary company under the Companies Act, 2017.
  • Apply for full VASP licence. Submit the final licence application once PVARA opens the full licensing stage.

Banking access and customer protections

The State Bank of Pakistan, through Circular No. 10 of 2026 issued on April 14, has authorised regulated banks to open accounts for PVARA-licensed VASPs, including segregated client-money accounts that are non-remunerative and kept separate from the provider's own funds. Licensed providers are prohibited from lending or pledging customer holdings without written consent. Banks remain barred from trading, investing in, or holding virtual assets on their own account.

What happens after the deadline

PVARA has said that VASPs that fail to submit an NOC application by September 5 must stop operations. The authority has also warned that any entity operating without having applied will face legal consequences. PVARA has already issued NOCs to some major global exchanges, including Binance and HTX, in December 2025, allowing them to begin the process of establishing local subsidiaries.

What to do now

Any existing VASP that has not yet applied should prepare and submit its NOC application through the PVARA licensing portal before the close of September 5, 2026. The portal remains open for new applications from entities that begin operations after March 5, though the statutory deadline applies only to those already active on or before that date.

The evidence does not yet establish how PVARA will enforce the deadline against non-compliant operators, what penalties may apply beyond the requirement to cease operations, or the full list of approved licence categories and whether minor discrepancies between sources (10 categories per the official APP release versus 11 referred to by some outlets) reflect a difference in counting or a later amendment.