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Pakistan virtual asset regulatory framework

Updated 4 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-05 12:46 UTC → 2026-09-10 16:35 UTC · added removed

Pakistan has transitioned from a decade-long prohibition of cryptocurrencies to a formal regulatory framework through the enactment of the Virtual Assets Act, 2026. The Pakistan Virtual Assets Regulatory Authority (PVARA) has introduced the Licensing Regulations, 2026, to integrate virtual assets into the formal economy and protect consumers. Under these rules, existing virtual asset service providers (VASPs) are classified as “transitional persons” and must apply for a No Objection Certificate (NOC) by a September 5, 2026, deadline. Failure to meet this deadline is classified as a criminal offense under Section 70 of the Act and will require firms to cease operations immediately. Act. While the NOC is not a full license, it serves as a mandatory first step for firms to continue operating while undergoing processes such as local incorporation and full VASP licensing. Currently, Binance and HTX are the only firms publicly confirmed to have secured early NOCs. NOCs, PVARA has since received 70 license applications from local and international companies within six months of the law passing Parliament. To support this regime, ensure religious alignment, the State Bank has issued instructions allowing regulated banks to open accounts for licensed VASPs government is establishing a Shariah Advisory Board and their customers, provided they maintain separate, non-remunerative rupee client accounts to prevent consulting with the commingling Grand Mufti of funds. Financial institutions are also required Pakistan to enforce strict anti-money laundering provide guidance on digital assets. Additionally, authorities aim to leverage digital remittances to reduce transaction costs from the current 6.5% by one percentage point, a move estimated to save approximately $410 million and know-your-customer standards. increase the volume of funds entering the country. PVARA Chairman Bilal Bin Saqib has reported that approximately 40 million Pakistanis hold cryptocurrency accounts, driven by a young population and an expanding freelance economy. Saqib estimated accounts. He noted that the national virtual asset market is estimated at roughly $250 billion, with $10 billion to $20 billion currently invested within the country. He noted that To prevent capital flight, authorities are considering taxation rates that avoid the “high 30% tax seen in India” to prevent capital flight to offshore markets. India.”

Versions

  1. 2026-09-10 16:35 UTC Pakistan virtual asset regulatory framework
  2. 2026-09-05 12:46 UTC Pakistan virtual asset regulatory framework
  3. 2026-08-31 19:25 UTC Pakistan virtual asset regulatory framework
  4. 2026-08-29 03:37 UTC Pakistan virtual asset regulatory framework
  5. 2026-08-23 17:57 UTC Pakistan virtual asset regulatory framework

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