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Pakistan’s crypto regulator has formally moved from rulemaking to enforcement by opening its licensing portal for virtual asset service providers (VASPs). The Pakistan’s Virtual Assets Regulatory Authority (PVARA) notified regulations for crypto exchanges and a broader set of virtual-asset activities, setting a deadline for firms already operating in the country to apply for a no-objection certificate (NOC).

Under PVARA’s licensing website guidance, companies providing virtual asset services on or before March 5 must submit their NOC applications by Sept. 5; otherwise, continuing operations without an application will be treated as an offense. The regulator says the window is now “officially open,” laying out standards intended to bring consumer protection, governance, and compliance into the open for regulated market participants.

Key takeaways

• PVARA has opened its licensing portal after notifying the regulations that define how crypto services will be authorized in Pakistan.
• Existing operators have until Sept. 5 to apply for an NOC; operating past the deadline without applying can trigger enforcement.
• The framework covers a wide range of VASP activities, including exchanges, custody, broker-dealer services, lending, derivatives, asset management, token issuance, and mining-related services.
• Licensed providers must segregate customer holdings and face restrictions on lending or pledging those assets without written consent.
• Firms can pursue either a sandbox pathway for product testing or an NOC pathway as they prepare for full licensing.

A licensing regime built for enforcement

PVARA’s move is significant because it converts a regulatory framework into an action-oriented process with clear compliance steps for market participants. In a Saturday press release attributed to the Associated Press of Pakistan, PVARA said operating after the relevant deadline without submitting an application will be considered an offense.

In a separate statement on LinkedIn, PVARA described the launch as creating a “clear pathway” for businesses to enter Pakistan’s regulated virtual asset market. The regulator linked the licensing effort to defined expectations around consumer protection, governance, compliance, and market integrity—areas that typically become central when regulators shift from consultations and policy drafting to supervision and licensing decisions.

Which services fall under PVARA’s framework

The notification outlines a broad scope of activities that VASPs must address in their licensing pathway. According to PVARA’s described framework, it includes services such as exchanges and custody, broker-dealer activities, lending and derivatives, asset management, token issuance, and mining-related services.

PVARA also lays out options for how companies can engage with the regulator before they become fully licensed. The regulator states that providers may seek an NOC prior to incorporating locally, or they can enter a regulatory sandbox to test products under PVARA supervision before applying for full authorization.

That two-track design matters for companies trying to scale operations while navigating compliance requirements. The sandbox approach can reduce time-to-learning for new products, while the NOC pathway offers a structured route for firms preparing to establish a Pakistan-based presence.

Operating rules: segregation, cybersecurity, and AML/CTF controls

PVARA says licensed providers will have to meet specific operational and custody-related requirements. One of the most immediate implications for exchanges and custodial platforms is the requirement to keep customer holdings separate from their own assets.

The framework further restricts how those customer holdings can be used. PVARA states that providers cannot lend or pledge customer assets without written consent, a rule designed to reduce the risk of conflicts between customer interests and a platform’s own balance-sheet needs.

Beyond custody, the regulator’s framework also specifies governance and conduct expectations, cybersecurity requirements, operational resilience measures, and anti-money laundering and counter-terrorism financing controls. For operators, these obligations will likely determine not only whether a license is granted, but also how systems are architected—especially around risk monitoring, incident response, and compliance reporting.

From consultation to notified rules—and what it changes now

The licensing push follows a public consultation that ran from June 11 to July 2. PVARA said the final framework provides two routes to licensing: a sandbox for product testing and an NOC pathway for companies preparing to incorporate in Pakistan.

In practice, this turns previously described standards into enforceable requirements with dates attached. Companies that were waiting for the notified regulations to start applying will now need to treat licensing as a near-term priority, particularly because the NOC application deadline is tied to whether a provider was already offering services in the country on or before March 5.

Notably, PVARA has indicated it already issued NOCs to some firms. The regulatory groundwork includes preliminary approvals that allow certain exchanges to establish local subsidiaries and prepare full license applications—progress that now can move faster now that the rules have been formally notified through the portal process. PVARA’s earlier NOC issuances have included Binance and HTX, as previously reported by Cointelegraph.

How Pakistan’s broader crypto framework is taking shape

PVARA’s ability to run a licensing process stems from Pakistan’s legislative shift earlier this year. Cointelegraph previously reported that Pakistan’s parliament passed the Virtual Assets Act in March, establishing PVARA as the statutory regulator for the sector.

Regulatory coordination has also extended to banking access. Cointelegraph has reported that the State Bank of Pakistan allowed banks to provide accounts to licensed VASPs, including segregated client-money accounts. Combined with PVARA’s new requirements around separation of customer holdings, that creates a clearer compliance stack for licensed providers—addressing both operational custody rules and the banking plumbing required for regulated services.

Still, with licensing enforcement now starting in earnest, companies and users should watch how quickly applications are processed and what additional conditions—if any—are imposed as full licenses are granted. The regulations establish the baseline, but the practical effects will depend on PVARA’s implementation, including how sandbox participants are supervised and how quickly NOCs translate into full licensing.

For market participants, the next phase will likely center on whether existing VASPs can meet the Sept. 5 NOC deadline and how rigorously PVARA assesses custody separation, cybersecurity readiness, and AML/CTF controls. That timeline—and the regulator’s approach to granting first full authorizations—could determine how rapidly Pakistan’s regulated crypto market expands.

Pakistan’s Virtual Assets Regulatory Authority (PVARA) has opened its licensing portal after notifying regulations governing crypto exchanges and other virtual asset service providers (VASPs) operating in the country. 

Companies providing virtual asset services on or before March 5 must submit an application for a no-objection certificate (NOC) by Sept. 5 or cease operations, according to the PVARA licensing website. Operating after the deadline without submitting an application will constitute an offense, PVARA said in a Saturday press release published by the Associated Press of Pakistan.

“The licensing window is officially open, creating a clear pathway for businesses to enter Pakistan’s regulated virtual asset market, with defined standards for consumer protection, governance, compliance and market integrity,” PVARA said on LinkedIn. 

The launch moves Pakistan’s crypto framework from legislation into enforcement, requiring domestic and overseas VASPs to enter the formal licensing process or stop serving the market. 

New regulations clear path to full crypto licenses

The framework covers activities including exchanges, custody, broker-dealer services, lending, derivatives, asset management, token issuance and mining-related services. VASPs can pursue an NOC before incorporating locally or enter a regulatory sandbox to test products under PVARA supervision before seeking a full license. 

According to the press release, licensed providers will be required to keep customer holdings separate from their own assets and cannot lend or pledge them without written consent. The framework also requires covering governance, market conduct, cybersecurity, operational resilience and anti-money laundering and counter-terrorism financing controls. 

The rollout followed a public consultation held between June 11 and July 2. PVARA said the final framework provides two routes to licensing. This includes a sandbox pathway for firms testing new products and an NOC pathway for companies preparing to incorporate in Pakistan.

Related: Pakistan crypto chief seeks dialogue after scholar rules against crypto payments

PVARA has already issued NOCs to some firms, including Binance and HTX in December 2025. The preliminary approvals allow the exchanges to establish local subsidiaries and prepare full license applications, a process that can now advance following the notification of the regulations.

Pakistan’s parliament passed the Virtual Assets Act in March, establishing PVARA as the statutory regulator for the sector. The State Bank of Pakistan subsequently allowed banks to provide accounts to licensed VASPs, including segregated client-money accounts.

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Phantom will end support for the Sui network on Sept. 24, 2026, removing the ability to view, send, swap or interact with Sui assets through its wallet interface.

The transition comes less than 20 months after Phantom introduced native Sui support in January 2025. Phantom has not publicly explained why it is withdrawing the integration.

Users will not lose their assets when support ends, according to Phantom’s official notice. SUI and other tokens remain recorded on the Sui blockchain and controlled by the corresponding recovery phrase or private key.

Phantom will remove every Sui wallet function

After Sept. 24, Phantom will stop displaying Sui balances and remove Sui from its supported network list. Users will also lose access to Sui transactions, swaps and decentralized applications through Phantom.

Connections previously established between Phantom and Sui applications will stop working. Users who move to another compatible wallet must reconnect those applications through the replacement wallet.

The withdrawal reverses an expansion announced in early 2025, when Phantom added native access to Sui assets and applications. Sui was the first blockchain based on the Move programming language supported by Phantom.

At launch, the integration allowed users to manage SUI and other network tokens, perform swaps and connect with applications including Suilend, Bluefin, Navi and Aftermath.

Phantom has not reported a security breach or network failure connected with the withdrawal. Its support notice describes the decision as a product transition and does not provide a technical or commercial reason.

Sui users have two migration options

Users who want to remain inside Phantom can swap their Sui assets into tokens on supported networks before the deadline. Available alternatives include SOL, ETH and USDC.

Phantom has temporarily waived its own fee for cross chain swaps from native SUI into wrapped SUI on Solana. The waiver remains effective through Sept. 24. Network and exchange fees will still apply.

Wrapped SUI is not native SUI. It is a Solana based token representing SUI transferred through cross chain infrastructure. Holders should verify the receiving network and token contract before approving a transaction.

Users who want to retain native Sui assets can import their Phantom recovery phrase into a compatible wallet. Phantom recommends Slush, the wallet associated with the Sui ecosystem.

The same Sui address and assets should appear after the wallet is restored with the correct credentials. Users with additional recovery phrases or separately imported private keys must transfer each set individually.

Migration can take place before or after Sept. 24 because there is no deadline for accessing the underlying assets. However, completing the process early allows users to confirm their balances and wallet access before Phantom removes the network interface.

Migration scams present the immediate security risk

Phantom warned that it will never contact users first, request a recovery phrase or offer to move assets on their behalf. Anyone providing unsolicited migration assistance should be treated as a potential scammer.

The warning is relevant because wallet transitions often create opportunities for phishing campaigns. Scammers can imitate support accounts, distribute fake wallet applications or direct users to websites that capture recovery phrases.

As previously reported, attackers used fraudulent update prompts to steal Phantom recovery phrases. The prompts were designed to resemble legitimate wallet messages and gave attackers full control when users entered their credentials.

Users should obtain the replacement wallet through its official website and confirm the domain independently. Recovery phrases should never be entered into websites, support chats or forms sent through social media.

Importing a recovery phrase into another application grants that software access to the same wallet. Users should therefore verify the application carefully and store the phrase offline after completing the process.

What happens on Sept. 24

Phantom will remove Sui balances, transaction tools and application connections when the transition takes effect. The change will not transfer, delete or convert assets automatically.

Users who take no action can restore access later by importing the correct credentials into a compatible Sui wallet. Phantom has not announced any plan to resume support after the transition.

The main deadline applies to in-app functionality and Phantom’s swap fee waiver, not asset ownership. Holders who want to swap inside Phantom or verify their migration should complete those steps before Sept. 24.