VASPs licence process kicks off

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Key points

• The Pakistan Virtual Assets Regulatory Authority (PVARA) has now created the licensing process operational, with applications and regulatory details available through its official portal.
• The development comes less than six months after Pakistan moved from primary legislation to the notification of regulations and commencement of the licensing regime.
• The new framework is aimed at bringing virtual asset-related businesses under formal regulatory oversight, with requirements relating to licensing, compliance, accountability and consumer protection.
• PVARA has advised prospective applicants and existing virtual asset service providers to review the licensing requirements and submit applications through its official portal.
• Existing operators have been given a clear deadline to regularise their operations through the NOC process, signalling a shift from a largely unregulated market to formal regulatory supervision.

ISLAMABAD: Pakistan has formally opened the licensing process for Virtual Asset Service Providers (VASPs), marking a major step towards integrating the country with the global digital asset economy under a regulated framework.

Under Section 70 of the Virtual Assets Act, 2026, existing virtual asset service providers are required to submit applications for a No-Objection Certificate (NOC) by September 5, 2026, failing which they will be required to cease operations.

Meanwhile, the Pakistan Virtual Assets Regulatory Authority (PVARA) has now created the licensing process operational, with applications and regulatory details available through its official portal.

In practice, the development comes less than six months after Pakistan moved from primary legislation to the notification of regulations and commencement of the licensing regime.

Meanwhile, the new framework is aimed at bringing virtual asset-related businesses under formal regulatory oversight, with requirements relating to licensing, compliance, accountability and consumer protection.

For context, the administration has positioned the regulatory framework as a key step towards creating a transparent and rules-based environment for digital asset businesses while enabling Pakistan to participate in the rapidly expanding global virtual asset economy.

PVARA has advised prospective applicants and existing virtual asset service providers to review the licensing requirements and submit applications through its official portal. NA adopts 'Virtual Assets Bill': Crypto trade to go legitimate. Govt increases petrol cost by Rs3.81, diesel's by Rs3.59 per litre. Terrorism devours over 90, 000 lives and inflicts USD150bn losses. Nepra directs PITC to update pending net-metering connections. Petroleum levy receipts: Govt sets Rs1.676trn target for FY27. Aurangzeb, SRF team discuss investment opportunities. Aurangzeb, SG ICCD discuss halal markets. Pakistan, Google sign MoU to deepen digital skills cooperation.

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Taken together, the developments around vASPs licence process kicks off point to a situation that is still moving, and the coming days should bring more clarity.