Pakistan mandates crypto platforms to apply for regulatory licensing by September 5, or else face the risk of operational shutdown.

According to Cryptoslate, Pakistan’s Virtual Asset Regulatory Authority (PVARA) has required cryptocurrency exchanges and related service providers already operating locally to enter a new licensing process by September 5, or otherwise cease related business operations. PVARA had previously opened the virtual asset service provider licensing application portal and issued the Virtual Asset Service Regulatory Rules on August 22. Under the regulations, service providers already conducting cryptocurrency business in Pakistan must submit an application for a "No Objection Certificate" (NOC). During the review period, they may continue to provide existing services as long as a complete application is submitted on time. Companies that fail to submit an application by September 5 must halt all regulated services; continuing operations will be considered non-compliant. PVARA clarified that this policy does not constitute a blanket ban on cryptocurrencies, but rather establishes a "comply or exit" regulatory framework applicable to exchanges, custodians, and other entities providing virtual asset services to users in Pakistan.