$BTC Pakistan has taken a major step toward formalizing its crypto oversight framework, with the Pakistan Virtual Asset Regulatory Authority (PVARA) officially opening applications for No Objection Certificates (NOCs) for Virtual Asset Service Providers (VASPs). This rollout follows the enforcement of the PVARA No Objection Certificate Regulations 2025, which came into effect on December 2. The move marks the beginning of a phased, structured regulatory pathway for exchanges and crypto firms looking to operate legally in the country.
Under the new rules, obtaining an NOC is now the mandatory first stage for any VASP seeking entry into Pakistan’s market. The certificate grants two immediate permissions: AML registration on the Financial Monitoring Unit’s (FMU) goAML portal and approval to incorporate a local entity. With this, eligible applicants may begin offering limited AML-Registered Services—restricted to broker-dealer, custody, exchange, and virtual asset derivatives—prior to securing a full license. The framework places heavy emphasis on governance, requiring firms to appoint qualified Key Individuals who pass strict “Fit and Proper” standards.
PVARA’s NOC process demands robust AML/CFT systems from day one, including real-time monitoring, sanctions screening, and secure seven-year data retention. Core compliance functions—especially MLRO responsibilities—cannot be outsourced. Once an application is submitted via Form A1, the authority must issue a decision within 60 days. Successful firms must incorporate locally and later apply for full licensing within three months of the upcoming VASP regulations. Forms and details are available on the official PVARA website.
