Photo: Jorge Franganillo / Wikimedia Commons ↗, CC BY 2.0 ↗
ISLAMABAD, September 22, 2026 — Two platforms hold a no-objection certificate (NOC) from the Pakistan Virtual Assets Regulatory Authority: Binance and HTX, both granted on December 12, 2025, according to PVARA’s news page. An NOC clears a platform to begin the licensing process, and it is not a licence. No full virtual asset service provider (VASP) licence in Pakistan has been reported, and PVARA has published no date for the first one.
Who holds a PVARA NOC
| Platform | Status | Granted | Source |
|---|---|---|---|
| Binance | NOC holder, no full licence | December 12, 2025 | PVARA news page |
| HTX | NOC holder, no full licence | December 12, 2025 | PVARA news page, HTX release |
HTX said in its own release that day that it had obtained the certificate “to initiate the licensing process” under the Virtual Assets Ordinance, 2025. PVARA has confirmed no other NOC holder. Chairman Bilal Bin Saqib told TechJuice on September 10, 2026 that the authority had received 70 applications, and no applicant has been named.
What a NOC allows
Section 19 of the Virtual Assets Act, 2026 requires anyone intending to incorporate a company for virtual asset services to obtain an NOC first, with the licence application made after incorporation (Gazette of Pakistan, March 5, 2026). PVARA’s site sets out the order: NOC application, NOC issuance, AML registration on the Financial Monitoring Unit’s goAML portal, incorporation of a local company, then the VASP licence, with decisions targeted within 60 calendar days of a complete submission.
Under the NOC Regulations effective December 2, 2025, a holder could provide four AML-Registered Services, limited to exchange, broker-dealer, custody and derivative services, once goAML registration was complete, and had to file its licence application within three months of the licensing regulations being issued. Every other virtual asset service needed the full licence. PVARA said at the time that the NOC “does not constitute a full operating license”, as The Standard reported.
How the regulations notified in August 2026 treat a new NOC is not verifiable from the primary text here. The law firm Cryptoverse Lawyers, writing on September 21, 2026, reads them as preliminary approval that “does not authorise commercial virtual asset services”; the notified regulation text was not available to check that reading. The Paypers reported on August 26, 2026 that under the transition rules both December 2025 holders can apply for full licences rather than seek fresh preliminary clearance.
Bank accounts for NOC holders
The State Bank of Pakistan allows banks to open limited-purpose accounts for NOC holders so they can complete licensing formalities, and to extend further services, including virtual-asset transactional activity, only after PVARA grants a licence (SBP circular). A bank must verify the licence with PVARA itself. Segregated client money accounts are held in rupees, carry no return, take no cash and cannot be used as collateral. Banks may not invest in, trade or hold virtual assets with their own funds or customer deposits.
What changed
- Before: Banks were barred from dealing in virtual assets under BPRD Circular No. 03 of 2018, dated April 6, 2018.
- Now: Banks may open accounts for PVARA-licensed VASPs and limited-purpose accounts for NOC holders, after verifying status with PVARA.
- Effective: BPRD Circular Letter No. 10 of 2026, dated April 14, 2026 per Reuters and TaxToday; the SBP page as published shows no date.
Where to check a platform’s status
Section 21(4) of the Act requires PVARA to publish an up-to-date register of licensees on its website, with each licensee’s name, licence number, permitted services and current regulatory status. No such register, and no register of NOC holders, was found on pvara.gov.pk as of September 27, 2026. Until one is published, PVARA’s news page is the official record of the two NOCs. There is no official date for the first licences; Coincub’s analysis of September 10, 2026 calculates that the 2025 NOC holders must file licence applications by about November 21, 2026, three months after the August 21 regulations, which is an estimate and not a PVARA deadline.
What this means for you Two platforms have clearance to work towards a licence, and neither is licensed. Check names, dates and status against the official pages listed on our PVARA licence tracker.
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.
