PVARA Opens Dynamic Licensing System to Oversee Pakistan’s Crypto Sector

TL;DR:

• PVARA opened its licensing portal and set September 5 as the deadline for existing providers to apply for their NOC.
• Companies operating without having submitted an application after that date will be in violation and must cease their activities in the Pakistani market.
• The regulatory framework covers exchanges, custody, lending, derivatives, token issuance and mining-related services, among other activities.

Pakistan’s Virtual Asset Regulatory Authority, PVARA, formally opened its licensing portal after publishing the regulations governing cryptocurrency exchanges and other virtual asset service providers (VASPs) operating in the country.

Companies that were offering virtual asset services before March 5 have until September 5 to submit an application for a no-objection certificate (NOC) or will be required to cease operations, according to a statement published by the Associated Press of Pakistan.

“The licensing window is officially open, creating a clear pathway for companies to enter Pakistan’s regulated virtual asset market,” PVARA stated on LinkedIn, underscoring that the system establishes defined standards on consumer protection, governance, compliance and market integrity.

… Continue reading the full article at the original source below.