Pakistan Sets September 5 Deadline for Crypto Firms Registration
The Pakistan Virtual Assets Regulatory Authority (PVARA) has set a final deadline of September 5, 2026, for crypto firms operating in the country to apply for regulatory licenses or face shutdown. Companies providing virtual asset services before March 5 must submit an application by this date under Section 70 of the Virtual Assets Act 2026. The licensing framework includes categories such as exchanges, custody, lending, and advisory services, with requirements including local registration, minimum capital, AML systems, cybersecurity plans, and fit-and-proper tests for directors. In return, licensed firms gain access to Pakistan’s formal banking system after an eight-year ban on crypto-related bank services. PVARA aims to protect investors from fraud while enabling stablecoins and tokenization to support economic activities like remittances and small business lending.
Topics: cryptocurrency licensing regulation