Jurisdiction reference
Pakistan
Regulator: SBP / SECP. License/registration context: Unclear. 15 VASP/entity records are tracked by Plexo Institute in Pakistan. Official registry source: SBP / SECP — official regulator. Data last updated: 2026-09-24.
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.
Regulatory Status
- Jurisdiction code
- PK
- Regulator
- SBP / SECP
- Travel Rule
- In Progress
- Tracked entities
- 15
- Recognized stablecoin backing
- fiat-backed, commodity-backed
- Yield-bearing stablecoins
- Restricted
- Currency
- PKR
Regulatory approach
Independent federal regulator established July 2025 under Ministry of Finance oversight. 11-member board includes SBP Governor, SECP Chairman, FBR Chairman. Responsible for licensing VASPs, supervising stablecoin issuers, enforcing AML/CFT compliance. Currently developing secondary regulations and licensing infrastructure while supervising preparatory-phase exchanges.
Licensed entities in Pakistan
Showing 2 of 15 regulated-entity records tracked in Pakistan by Plexo Institute.
| Entity | Status | License type |
|---|---|---|
| Binance | Registered | Operating (No formal framework, high P2P remittance volume) |
| NayaPay | Registered | EMI License (exploring crypto bridge) |
Browse all 15 records in the regulated-entity registry, including the remaining 13 in Pakistan.
Stablecoin laws in Pakistan
Primary legal texts Plexo Institute tracks for Pakistan.
- Virtual Assets Ordinance, 2025 (Ordinance No. VII of 2025) (enacted 2025-07-08)
Establishes the Pakistan Virtual Assets Regulatory Authority (PVARA) as the federal regulator for virtual assets and Virtual Asset Service Providers (VASPs). Defines "virtual assets" as digital representations of value that can be traded, transferred, or used for payment/investment, explicitly stating they are not legal tender. Creates a licensing regime requiring VASPs to incorporate under Companies Act 2017, obtain No-Objection Certificates, meet fit-and-proper criteria for controllers and key individuals, maintain physical offices in Pakistan, hold customer assets in segregated accounts with cryptographic proof of reserves, and comply with AML/CFT standards under the Financial Monitoring Unit and FATF framework. Establishes a Shariah Advisory Committee for Islamic finance compliance, a regulatory sandbox for controlled innovation testing (up to 18 months), and a Virtual Assets Appellate Tribunal for dispute resolution. Criminalizes unlicensed operations (up to 7 years imprisonment) and market manipulation. Authorizes PVARA to inspect premises, impose penalties up to 100 million rupees or 5% of offering value, and maintain a public register of licensed entities. Secondary regulations and detailed licensing criteria remain under development.
Relationship Graph
Jurisdiction FAQ
Who regulates Pakistan?
The current Plexo Institute record lists SBP / SECP as the regulator for Pakistan.
How many VASPs are tracked in Pakistan?
15 VASP/entity records are tracked by Plexo Institute in Pakistan.
What is the Travel Rule status in Pakistan?
The current Plexo Institute record lists the Travel Rule status for Pakistan as In Progress.
Source Evidence
This profile is compiled from official legislation and regulator records. Source confidence: official source evidence.