Pakistan sets September 5 deadline for crypto firms to register

PVARA requires firms that provided virtual asset services on or before March 5 to submit a No Objection Certificate application by September 5. The licensing portal also accepts applications for full licenses and a regulatory sandbox. Applicants must register a company in Pakistan before applying. Firms must also meet category-specific capital requirements and pass fit and proper tests for directors and key staff. After receiving the certificate, a firm must register with Pakistan's Financial Monitoring Unit. The firm must then incorporate a local subsidiary before submitting a license application. Licensed firms must separate customer holdings from company assets. They cannot lend or pledge customer holdings without written consent. Binance and HTX already hold certificates.