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South Asia

Pakistan

From a 2018 banking ban to a full licensing law: PVARA now regulates a market the government puts at over 40 million users.

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Key Regulatory Progress

Every law, rule and official guide on crypto in Pakistan: 4 apply today, and the rest show what's coming and how regulators read the rules. Each is explained in plain words and linked to the official original.

Last checked against the originals on 5 Oct 2026.

All 12 documents

Core framework

The primary statutes that define crypto assets and who may deal in them.

  1. In forceApplies today

    Virtual Assets Act, 2026 (Act No. XIII of 2026)

    Pakistan's primary crypto law: it establishes PVARA, requires a licence for any virtual asset service in or from Pakistan and sets issuer, custody and AML duties. Signed by the President on 4 March 2026, published in the Gazette on 5 March and in force at once (section 1(3)).

    Parliament of Pakistan (Gazette of Pakistan, published by the Senate of Pakistan)

    Read the original
  2. SupersededReplaced

    Virtual Assets Ordinance, 2025 (Ordinance No. VII of 2025)

    The presidential ordinance that first created PVARA and a Virtual Assets Tribunal. Promulgated on 8 July 2025 and replaced by the Virtual Assets Act, 2026.

    President of Pakistan (published by the National Assembly of Pakistan)

    Read the original

Exchanges & custody

Licensing, conduct and custody rules for trading platforms and service providers.

  1. In forceApplies today

    Pakistan Virtual Asset Services Regulations, 2026 (S.R.O. 1419(I)/2026)

    Core licensing rulebook: minimum capital by licence category, governance, client asset segregation, 100% reserves for token issuers and a Travel Rule threshold of USD 1,000. Notified in the Gazette on 21 August 2026.

    Pakistan Virtual Assets Regulatory Authority (PVARA)

    Read the original
  2. In forceApplies today

    Pakistan Virtual Asset Services Activity Specific Regulations, 2026 (S.R.O. 1420(I)/2026)

    Activity-by-activity rules for exchanges, brokers, custodians, lenders, asset managers, derivatives providers and issuers, including limits on margin and leveraged products.

    Pakistan Virtual Assets Regulatory Authority (PVARA)

    Read the original
  3. GuidanceNot binding law

    Incubation Guidelines: PVARA Regulatory Sandbox

    Explains how firms can test a virtual asset product under supervision, within agreed customer limits, before applying for a full VASP licence (PVARA's Track A route).

    Pakistan Virtual Assets Regulatory Authority (PVARA)

    Read the original

Stablecoins & payments

Issuance, reserve and redemption rules for fiat-referenced tokens and payment tokens.

  1. GuidanceNot binding law

    Advisory on Virtual Asset-Related Announcements and Activities (PVARA/ADV/001/2026)

    Warns financial institutions that stablecoin remittance pilots, tokenisation projects and similar partnerships need PVARA's prior authorisation, through the sandbox, a no-action letter or an NOC.

    Pakistan Virtual Assets Regulatory Authority (PVARA)

    Read the original

Tokenisation & securities

Security tokens, RWA, funds and ETFs.

  1. GuidanceNot binding law

    Finance Division press releases: PVARA call for VASP expressions of interest, Binance MoU and World Liberty Financial MoU

    Official record of PVARA's September 2025 call to global exchanges (citing 40 million users), the December 2025 Binance MoU on tokenising sovereign assets and the January 2026 MoU with World Liberty Financial's affiliate.

    Finance Division, Government of Pakistan

    Read the original

AML & travel rule

Anti-money-laundering obligations and the FATF travel rule.

  1. GuidanceNot binding law

    Jurisdictions under Increased Monitoring, 21 October 2022

    Records Pakistan's removal from the grey list after it completed two FATF action plans, the backdrop to building a FATF-aligned VASP regime.

    Financial Action Task Force (FATF)

    Read the original
  2. SupersededReplaced

    No Objection Certificate Regulations 2025 (PVARA/REG/AML-REG/2025-1)

    Set the NOC process that precedes a licence: AML/CFT framework, controller disclosure, fit-and-proper forms and ongoing reporting. Effective 2 December 2025; NOC applications have been made under the Services Regulations, 2026 since 21 August 2026.

    Pakistan Virtual Assets Regulatory Authority (PVARA)

    Read the original

Investor protection

Market abuse, disclosure, advertising and retail safeguards.

  1. GuidanceNot binding law

    PVARA VASP Licensing: licence categories and application routes

    Describes each Schedule I licence category and the three ways in (Regulatory Sandbox, No Objection Certificate, VASP licence), and states that operating without a licence is not permitted.

    Pakistan Virtual Assets Regulatory Authority (PVARA)

    Read the original

Banks & prudential

What banks may hold, custody or issue.

  1. In forceApplies today

    BPRD Circular Letter No. 10 of 2026: Authorizing Opening of Bank Accounts to PVARA's NOC/Licensed VASPs and their Customers

    Replaces the 2018 ban and lets banks open accounts for PVARA-licensed VASPs and their customers, with segregated, non-remunerative rupee client money accounts, while banks themselves may not invest in or hold crypto.

    State Bank of Pakistan (SBP)

    Read the original
  2. SupersededReplaced

    BPRD Circular No. 03 of 2018: Prohibition on Virtual Currencies

    Barred banks, DFIs, microfinance banks and payment firms from processing, holding or facilitating virtual currencies and ICO tokens. Replaced by BPRD Circular Letter No. 10 of 2026.

    State Bank of Pakistan (SBP)

    Read the original

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