Pakistan opens crypto licensing portal, firms must apply by September 5

Pakistan just went from crypto gray zone to full regulatory buildout. The Pakistan Virtual Assets Regulatory Authority, known as PVARA, launched its licensing portal on August 22, giving virtual asset service providers operating in the country a tight window to get compliant or get out. Existing crypto firms that were active before March 5, when the Virtual Assets Act took effect for transitional purposes, must submit a No-Objection Certificate application by September 5. That’s roughly two weeks. Miss the deadline, and continued operations become a criminal offense. What the new framework actually requires The licensing system covers 10 distinct categories of virtual asset activities. Different business models, from exchanges to custody providers, will fall under different regulatory buckets with tailored requirements. Among the more notable provisions: licensed providers must segregate client assets from their own. They’re also prohibited from lending or staking customer funds without getting explicit consent first. The framework also imposes standards around governance, prudential requirements, and cybersecurity practices. PVARA finalized the regulations on August 21, one day be...