{
  "id": 2706793,
  "title": "Crypto operators given September 5 deadline to seek NOCs",
  "url": "https://urgent.news/2026/08/23/crypto-operators-given-september-5-deadline-to-seek-nocs",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-23T03:47:25.000Z",
  "source": {
    "name": "Dawn",
    "slug": "dawn",
    "url": "https://www.dawn.com/news/2024693/crypto-operators-given-september-5-deadline-to-seek-nocs"
  },
  "original_language": "en",
  "account": "The Pakistan Virtual Assets Regulatory Authority (PVARA) has set September 5, 2026 as the deadline for existing virtual asset service providers (VASPs) to apply for no-objection certificates (NOCs. Failure to comply will result in the cessation of operations. The PVARA underscored that Pakistan's virtual asset licensing regime is now operational, having transitioned in just six months from primary legislation to regulations and an open licensing process. The crypto assets sector has primarily been overseen by the Ministry of Finance, which spearheaded the launch of the Pakistan Crypto Council (PCC) and established the autonomous PVARA to handle licensing, compliance and digital asset policies. The State Bank has begun allowing regulated banks to open accounts for PVARA-licensed VASPs and their clients, replacing earlier restrictions on virtual currencies. Licensed providers are required to maintain separate, non-remunerative rupee accounts for their customers to prevent fund commingling. Financial institutions must enforce stringent anti-money laundering (AML), know-your-customer (KYC) and risk-profiling measures. Bankers warn that investing in crypto assets is both highly risky and highly profitable due to the significant price fluctuations of cryptocurrencies. Consequently, central banks worldwide remain cautious about regulating virtual assets. The State Bank has directed commercial banks to refrain from trading, investing in, or holding virtual assets with their own capital or customer deposits, confining their involvement to providing banking infrastructure and transaction monitoring for authorized operators.",
  "summary": "KARACHI: The Pakistan Virtual Assets Regulatory Authority (PVARA) has set Sept 5 as the deadline for existing virtual asset service providers (VASPs) to submit applications for no-objection certificates (NOCs), warning that those failing to do so would have to cease operations. “Existing virtual asset service providers must submit their NOC applications by Sept 5, 2026 or cease operations,” PVARA…",
  "key_points": [
    "Pakistan VASPs must apply for NOCs by September 5, 2026",
    "PVARA transitioned from legislation to regulations in six months",
    "Licensed providers need separate rupee accounts for customers"
  ],
  "editors_take": "The deadline set by PVARA marks a significant shift in Pakistan's regulatory approach, formalizing oversight of the crypto sector and imposing stricter controls on virtual asset service providers.",
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Dawn Business",
        "title": "Crypto operators given September 5 deadline to seek NOCs",
        "url": "https://urgent.news/2026/08/23/crypto-operators-given-september-5-deadline-to-seek-nocs-2712131",
        "published": "2026-08-23T03:47:25.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}