Virtual Assets Crypto Licensing in Pakistan by PVARA
Pakistan’s independent authority for licensing, supervising, and regulating Virtual Assets and Virtual Asset Service Providers.
In July 2025, the Government of Pakistan introduced a new legal framework to regulate the growing virtual-asset ecosystem. The Virtual Assets Ordinance, 2025 establishes a dedicated authority responsible for licensing, supervising and regulating Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs) operating in the country.
The Pakistan Virtual Assets Regulatory Authority (PVARA) is Pakistan’s independent federal regulator for virtual assets. We work to ensure a safe, transparent, and internationally compliant virtual-asset ecosystem that protects consumers while fostering innovation.
This step aligns Pakistan with global regulatory standards, enhances consumer protection, and helps prevent financial crimes related to the misuse of virtual assets.
VASP Licensing
At the heart of the Virtual Assets Ordinance, 2025 is a requirement that all Virtual Asset Service Providers must obtain a formal license before offering services in Pakistan. PVARA currently accepts applications for No Objection Certificates (NOC), with full licensing framework to be available soon.
Licensing Framework Overview
The Virtual Assets Ordinance, 2025 requires all Virtual Asset Service Providers including cryptocurrency exchanges, wallet operators, token issuers, custodians, and investment platforms to obtain a formal license before offering services in Pakistan.
This licensing framework ensures that only legitimate, qualified, and accountable companies operate in the virtual-asset market, protecting consumers and maintaining market integrity.
Licensed providers must follow strict operational and security standards safeguarding customer funds, maintaining robust cybersecurity, providing clear disclosures, and ensuring transparent business practices.
Types of Licenses
PVARA will be offering different license categories based on the type of virtual asset services you wish to provide. It currently facilitates No Objection Certificates (NOCs) for eligible virtual asset–related activities under PVARA No Objection Certificate Regulations 2025.
Virtual Asset Exchange License
For platforms facilitating the exchange, trading, or conversion of virtual assets for fiat currency or other virtual assets.
- Spot trading operations
- Fiat-to-crypto conversion
- Crypto-to-crypto trading
- Order book management
Custodian/Wallet Provider License
For entities providing secure custody, storage, and wallet services for virtual assets on behalf of customers.
- Hot and cold wallet services
- Institutional custody
- Multi-signature solutions
- Asset safekeeping
Advisory and Brokerage License
For professionals offering investment advice, portfolio management, or brokerage services related to virtual assets.
- Investment advisory
- Portfolio management
- Brokerage services
- Market analysis
Token Issuance License
For entities looking to issue, distribute, or manage virtual asset tokens for fundraising or utility purposes.
- Asset Referenced Tokens
- Fiat Referenced Tokens
Licensing Requirements
Applicants will need to meet the following requirements to obtain a VASP license when full licensing becomes available.
01 Legal Entity Registration
Applicant must be a company registered in Pakistan under the Companies Act 2017.
02 Minimum Capital Requirements
Meet prescribed minimum paid-up capital requirements based on license category.
03 Fit and Proper Test
Directors and key personnel must pass fit and proper criteria including background checks.
04 AML/CFT Compliance Program
Establish comprehensive KYC, transaction monitoring, and suspicious activity reporting systems.
05 Cybersecurity Framework
Implement robust cybersecurity measures to protect customer assets and data.
06 Business Continuity Plan
Maintain disaster recovery and business continuity arrangements.
Your Path to Exchange Licensing
Follow this step-by-step journey from NOC application (available now) to full VASP licensing (coming soon) in Pakistan.
Submit business plan and corporate documents for No Objection Certificate
Receive preliminary approval and authorization to proceed
Complete registration with Financial Monitoring Unit (FMU)
Establish subsidiary company under Companies Act 2017
Submit final application and receive your license once available
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To get any further information please email us at abdul.hannan@sbconsulting.com.pk or call at 0092 321 5379904