Pakistan opens crypto licensing regime with Sept. 5 deadline

Pakistan's Virtual Assets Regulatory Authority has opened registration for digital asset firms. Companies must submit applications for no-objection certificates by Sept. 5. Firms that do not apply must cease operations. The Virtual Assets Act 2026 covers 11 activities, including custody, exchange, broker-dealer services and derivatives. Licensees must protect customer funds. Licensees must maintain cybersecurity and provide clear disclosures. The State Bank of Pakistan lifted its ban on banks providing services to crypto firms in April. Banks remain prohibited from investing in, trading or holding crypto assets.