Crypto operators given September 5 deadline to seek NOCs

Crypto operators given September 5 deadline to seek NOCs.

Key points

• Shahid Iqbal Published August 23, 2026 Updated August 23, 2026 08: 47am.
• "Existing virtual asset service providers must submit their NOC applications by Sept 5, 2026 or cease operations, " PVARA remarked in a press release.
• Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and throughout the world.
• Shahid Iqbal is a reporter for Dawn based in Karachi with 38 years of experience covering politics and economics.
• While the State Bank additionally took a number of measures in this regard, the administration is quick to take a number of measures to regulate virtual assets.

Shahid Iqbal Published August 23, 2026 Updated August 23, 2026 08: 47am. Join our Whatsapp Channel. Add Dawn as a trusted source.

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.

Virtual assets or virtual currencies are not popular at the mass level in Pakistan, but financial sector watchers remarked a number of billion dollars had been invested by Pakistanis in the business.

While the State Bank additionally took a number of measures in this regard, the administration is quick to take a number of measures to regulate virtual assets. PVARA warns service providers failing to meet deadline must cease operations.

For context, the PVARA remarked Pakistan's virtual asset licensing regime was now live. "In under six months, Pakistan has moved from primary legislation to notified regulations and an open licensing process, " it continued.

For context, the crypto assets sector has primarily been spearheaded and managed under the Ministry of Finance. The ministry supported launch the Pakistan Crypto Council (PCC) and established the autonomous PVARA to oversee licensing, compliance and digital asset policies.

Pakistan is opening the front door to the global digital asset economy, with clear rules, regulatory oversight and accountability. The State Bank officially replaced its earlier restrictions on virtual currencies by issuing instructions allowing regulated banks to open accounts for PVARA-licensed VASPs and their customers.

For context, the newly established PVARA oversees statutory licensing, supervision and legal compliance for digital asset entities.

Meanwhile, the State Bank has instructed banks to maintain separate, non-remunerative rupee client accounts for licensed providers to ensure funds are not commingled. Financial institutions are required to additionally enforce rigorous anti-money laundering (AML), know-your-customer (KYC) and risk-profiling standards.

Bankers remarked investment in crypto assets was highly risky as well as highly profitable as cryptocurrency rates fluctuated to a great magnitude. They remarked this was the reason all major central banks worldwide remained reluctant to regulate virtual assets.

In practice, the State Bank has directed commercial banks to remain strictly prohibited from trading, investing in or holding virtual assets using their own capital or customer deposits. Bank involvement is restricted to providing banking rails and transaction monitoring for authorised operators. Published in Dawn, August 23rd, 2026.

Shahid Iqbal is a reporter for Dawn based in Karachi with 38 years of experience covering politics and economics. As well as roles at United Press International (UPI) and AFP, his career includes seven years with the Japanese newspaper Asahi Shimbun.

In short, crypto operators given September 5 deadline to seek NOCs is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.