Pakistan sets Sept. 5 deadline for crypto platforms to comply

Pakistan has given existing crypto platforms until Sept. 5 to enter its licensing process or stop covered services. The deadline applies to providers operating in Pakistan when the Virtual Assets Act took effect on March 5. PVARA opened its licensing portal on Aug. 22 after issuing final virtual-asset service regulations. A complete application allows an existing provider to continue current services during regulatory review. PVARA can impose limits on customer onboarding, products, transaction volumes or custody during that review. Providers that do not apply by the deadline must stop covered services, and continued operation without an application will constitute an offense. PVARA considers a provider within scope if it targets Pakistani customers, onboards users there or supports Pakistani rupee payment rails. An NOC provides preliminary clearance but does not constitute a full virtual asset service provider license. The rules do not specify one process for ending customer trading, withdrawals or custody accounts. Licensed providers must segregate customer assets and maintain withdrawal and claims channels during an orderly wind-down.