Pakistan Introduces Virtual Assets Services Regulations 2026
Pakistan Virtual Assets Regulatory Authority (PVARA) was established as a permanent statutory authority through an Act of Parliament in March 2026.
ISLAMABAD: Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority Bilal Bin Saqib Saturday said that Pakistan has introduced the Virtual Assets Services Regulations 2026, marking the beginning of the country’s digital assets journey.
He said, “Pakistani and foreign companies can now provide virtual asset services in Pakistan under a formal legal and regulatory framework.”
Bilal Bin Saqib added that companies already operating in Pakistan must complete their registration by September 5.
“Hundreds of millions of people are already linked to the global crypto market. Our objective is not simply to bring the crypto business to Pakistan, but to establish a clear legal and regulatory framework that promotes transparency, accountability, and responsible growth of the sector,” he added.
The Pakistan Virtual Assets Regulatory Authority (PVARA) was established as a permanent statutory authority through an Act of Parliament in March 2026.
The Pakistan Virtual Assets Regulatory Authority (PVARA) has been notified, he said adding that its licensing regulations and opened the licensing portal for virtual asset service providers (VASPs).
Issued under the Virtual Assets Act, 2026, the new regulations establish 10 licensing categories covering virtual asset exchanges, custody services, broker-dealer activities, advisory services, lending and borrowing, derivatives, asset management, transfer and settlement, issuance, and mining-related services.
Each category will be subject to specific conduct, prudential, technology, and AML/CFT requirements, aimed at ensuring transparency, investor protection, and responsible growth of the sector.
He said existing virtual asset service providers (VASPs) have until September 5, 2026, to submit their No-Objection Certificate (NOC) applications.
Under Section 70 of the Virtual Assets Act, entities that were providing virtual asset services before the law came into force must submit their applications by the deadline or cease operations. Continuing to operate after September 5 without submitting an application will constitute an offence.
Licensing will be carried out through a two-stage process. Companies seeking to establish operations in Pakistan may enter a regulatory sandbox or obtain an NOC under Section 19 before incorporation, followed by an application for a full licence.
Existing transitional operators, however, must submit their NOC applications by September 5, 2026.
Licensed VASPs will also be able to access Pakistan’s formal banking system.
In less than six months, PVARA has secured banking access for licensed virtual asset providers, conducted a public consultation, and notified the licensing regulations, marking Pakistan’s shift from a prohibition-based approach to a formal licensing and regulatory regime for virtual assets.
About The Author
