Pakistan’s Virtual Assets Regulatory Authority (PVARA) has opened its licensing portal after publishing regulations governing crypto exchanges and other virtual asset service providers (VASPs) operating in the country. Companies providing virtual asset services before March 5 must submit a no-objection certificate (NOC) application by September 5 or cease operations. The regulatory framework covers exchange, custody, broker-dealer services, lending, derivatives, asset management, token issuance and mining-related activities. Pakistan’s parliament passed the Virtual Assets Act in March, establishing PVARA as the statutory regulator for the sector, and the State Bank of Pakistan subsequently allowed banks to provide accounts to licensed VASPs.
Source: Read the original article
