Pakistan has taken a decisive step toward legalizing digital assets: the Virtual Assets Regulatory Authority has officially launched the licensing procedure for cryptocurrency enterprises. This is a landmark event for the South Asian region, where legal uncertainty has so far prevailed.
Key deadlines and requirements
According to my analysis of regulatory documents, all companies that were operating in the country as of March 5, 2026, are required to submit an application for a No Objection Certificate by September 5 of the same year. Otherwise, they will have to wind down their business. Such a strict deadline is a signal to the market: Pakistan intends to act quickly and systematically.
Ten license categories
The regulator has developed a detailed framework covering all key segments of the industry. This involves ten categories of permits, distributed among:
— cryptocurrency exchanges;
— custodial services (asset storage);
— brokerage platforms;
— lending protocols and borrowing services;
— platforms for derivatives trading;
— management companies working with digital assets;
— mining enterprises.
My professional perspective
Such a division of licenses is a sign of a mature approach. Pakistan is not simply copying the models of the UAE or Singapore but is adapting them to local specifics, including a separate category for miners. This creates clear rules of the game and reduces risks for institutional investors who previously avoided the country. However, the success of the initiative will depend on the speed of implementation and the transparency of the procedures themselves — bureaucratic delays could negate the entire progressive momentum.