Short answer PVARA (Pakistan Virtual Assets Regulatory Authority) is the regulator for crypto and other virtual asset businesses in Pakistan. A platform first needs a NOC (no-objection certificate) and then a full licence. PVARA has named two NOC holders, Binance and HTX, both from December 12, 2025. No full licence has been reported. A NOC is not a licence.
At a glance
- Created by: Virtual Assets Ordinance, 2025 (Ordinance No. VII of 2025), July 8, 2025 (Gazette of Pakistan ↗ · checked 2026-09-27)
- Law now: Virtual Assets Act, 2026 (Act No. XIII of 2026), in force March 5, 2026 (Gazette of Pakistan ↗ · checked 2026-09-27)
- NOC holders: Binance and HTX, December 12, 2025 (PVARA news ↗ · checked 2026-09-27)
- Full licences: none reported (PVARA licensing ↗ · checked 2026-09-27)
- Deadline for existing firms: September 5, 2026, reported by Dawn from a PVARA press release (Dawn ↗ · checked 2026-09-27)
- Public register of licensees: required by the Act; not published (Gazette of Pakistan ↗ · checked 2026-09-27)
Risk Crypto-assets are highly volatile and you can lose all the money you put in. Use only platforms with PVARA approval. This is not a recommendation to buy.
PVARA was first set up by a presidential ordinance, the Virtual Assets Ordinance, 2025 (Ordinance No. VII of 2025), promulgated on July 8, 2025. Parliament then passed the Virtual Assets Act, 2026 (Act No. XIII of 2026). The President assented on March 4, 2026, and the Act was published in the Gazette and came into force on March 5, 2026. Section 6 of the Act provides for PVARA as a statutory authority.
A business licensed under the Act is a VASP (virtual asset service provider).
Under Section 19 of the Act, a business must get a NOC before it incorporates a company for virtual asset services. It applies for the licence after incorporation. PVARA’s website sets out the order:
PVARA’s home page says a decision is targeted within 60 calendar days of a complete submission.
In December 2025, PVARA said a NOC “does not constitute a full operating license”, as reported by The Standard. Under the 2026 regulations, a new NOC does not authorise commercial services, according to a guide by the law firm Cryptoverse Lawyers.
Section 70 of the Act gave anyone already providing virtual asset services six months from March 5, 2026 to apply or stop. A business that filed a complete application may keep offering its existing services while it follows PVARA’s interim directives.
PVARA said in a press release that existing providers had to file NOC applications by September 5, 2026 or stop operating, Dawn reported. Cointelegraph reported that PVARA said operating after the deadline without an application is an offence. The Paypers reported that final regulations were notified on August 21, 2026 and the licensing portal opened the next day.
PVARA’s chairman told TechJuice around September 10, 2026 that PVARA had received 70 applications. PVARA has not published a list of applicants. As of September 27, 2026, we found no extension, no enforcement notice and no full licence.
The Act’s Schedule I lists ten categories, according to the law firm ABS & Co:
PVARA’s consultation page refers to handbooks for “ten licence categories”.
The Act requires PVARA to publish a register of licensees on its website, with each licensee’s name, licence number, permitted services and status. No such register has been published, and no full licence has been reported. Today you can check:
Warning A platform, agent or social media post may say it is “PVARA approved”. PVARA has named only Binance and HTX as NOC holders, and a NOC is not a licence. If you cannot find a claim on pvara.gov.pk, treat it as unverified.
SBP’s BPRD Circular Letter No. 10 of 2026 replaced SBP’s 2018 prohibition (BPRD Circular No. 03 of 2018). Reuters and Tribune reported it on April 15, 2026. Under the circular:
The Virtual Assets Act, 2026 regulates virtual asset businesses, which need a PVARA NOC and then a licence. No full licence has been reported.
Binance and HTX, both from December 12, 2025, according to PVARA’s news page. PVARA has not named any other NOC holder.
No. A NOC lets a business start the licensing steps. A full VASP licence comes after AML registration and local incorporation.
Under Section 70, a platform that filed a complete application may keep offering its existing services under PVARA’s interim directives. PVARA has not published who filed.