Pakistan's crypto regulator says it has received 75 applications. Its chairman's post does not say who filed them or for what. No firm holds a licence yet, so banks still cannot settle crypto trades for anyone.
Pakistan's crypto licensing rules are not a draft. They took effect on 21 August and set a minimum capital for each kind of licence, from Rs15 million for advice to Rs500 million to run an exchange.
In its latest yearly check on how countries regulate crypto firms, published in July, the global money-laundering watchdog lists 68 jurisdictions. Of 57 jurisdictions with a licensing law, Pakistan was the only one to report neither an inspection of a crypto firm nor any enforcement action.
Saturday's Asian Games final was a tradeable contract on crypto prediction markets, and one of them does not block Pakistan. Our gambling law, the betting-app crackdown and PVARA's rules all bear on whether a Pakistani should take part. None gives a clear yes.
A Lahore High Court bail order says receiving rupees for USDT in 2021–23 P2P trades was not, by itself, fraud. It is narrower than the headlines, and more interesting: PVARA told the court P2P trading sits outside its mandate.
Pakistan has had a crypto law in force since March 2026, but no exchange holds a licence yet — here is what is settled, and what PVARA has not answered.
Individual sellers need no PVARA licence, but the exchange and bank you use to cash out sit under separate, incomplete rulebooks.
Pakistan's Virtual Assets Act regulates crypto businesses, not individual holders — no licence, registration or ban applies to personal trading or holding.
VASPs operating in Pakistan before 5 March 2026 must apply to PVARA for a licence by 5 September 2026 or stop operating, under the Virtual Assets Act, 2026.
New PVARA derivatives rules make licensed venues warn and report on retail futures, but fix no leverage cap. No offshore venue owes Pakistanis this yet.
