Pakistan promulgated the Virtual Assets Ordinance 2025 on July 8, 2025, establishing PVARA as regulator. While the law is enacted, secondary regulations defining full licensing criteria remain under development. Exchanges operate under supervised preparatory status: Binance and HTX received No Objection Certificates (NOCs) in December 2025, allowing AML registration and license application preparation, but not full trading operations. No VASP licenses have been issued. The State Bank of Pakistan continues advising banks against crypto transactions pending full framework implementation.
Applicable Laws:
Virtual Assets Ordinance, 2025 (Ordinance No. VII of 2025) - https://pakistancode.gov.pk/english/UY2FqaJw1-apaUY2Fqa-apaUY2Npa5tlbA%3D%3D-sg-jjjjjjjjjjjjj
