Pakistan Virtual Asset Regulatory Authority Opens Licensing Portal, Existing Service Providers Must Apply for NOC by September 5

Odaily News: The Pakistan Virtual Asset Regulatory Authority (PVARA) has opened its licensing portal. Enterprises that provided virtual asset services on or before March 5 must apply for a No Objection Certificate (NOC) by September 5, or they will be required to cease operations; continuing operations without submitting an application after the deadline will constitute a violation of the law.

The new regulations cover exchanges, custody, broker-dealing, lending, derivatives, asset management, token issuance, and mining-related services. Service providers may first apply for an NOC, or enter PVARA's regulatory sandbox to test their products before applying for a full license.

Licensed institutions must keep client assets separate from their own assets, may not lend or stake them without written consent, and must meet requirements related to governance, market conduct, cybersecurity, operational resilience, and anti-money laundering and counter-terrorism financing. PVARA has already issued NOCs to companies such as Binance and HTX. (Cointelegraph)