Pakistan Sets September 5 Deadline for Crypto Firms to Register

Pakistan's deadline looms for crypto firms to register or shut down by September 5 under the Virtual Assets Regulatory Authority's new licensing process. Companies active since March 5 this year are considered transitional and must apply for a No Objection Certificate by the same date. The portal also accepts applications for full licenses and a regulatory sandbox.

Chairman Bilal bin Saqib unveiled the regulations on Saturday, claiming they will safeguard investors and integrate the market into the rule of law. Categories include exchanges, custody, broker-dealer, advisory, lending and borrowing, derivatives, advisory services, transfer and settlement, mining infrastructure, and token issuance.

Applicants must be Pakistan-registered companies meeting minimum capital requirements, passing a fit and proper test, and implementing AML protocols. Licensed firms must keep customer funds separate and cannot lend or pledge them without consent. Post-NOC registration with the Financial Monitoring Unit, a local subsidiary must be incorporated, and then the license application submitted, allowing offshore exchanges to continue serving Pakistani users.

Binance and HTX already possess certificates. PVARA, established in July 2025, governs a market ranking third globally, with Pakistan's plans for a Bitcoin reserve and a federal agency unit to combat criminal activities in the digital asset space.