For crypto exchanges, custodians and brokers

Pakistan's crypto rules, explained. Then the licence, sorted.

Sarzif Policy reads every PVARA notice, SECP rule and FBR guideline so you do not have to, and writes it in plain English. When you are ready to apply for a VASP licence, we match you with a consultant who has done that exact filing before.

Main regulator
PVARA
tracked daily
Consultant panel
25+
advisers worldwide
Publishing
Daily
regulatory updates
Sources we read

What is PVARA, and what is a VASP?

Two terms decide whether your business needs a licence in Pakistan. Here is what each one means.

What is PVARA?

PVARA is the Pakistan Virtual Assets Regulatory Authority. It is the government body that licenses and supervises crypto businesses in Pakistan. It decides the licence categories, the capital a firm must hold, and the anti-money-laundering duties it must follow.

What is a VASP?

A VASP is a Virtual Asset Service Provider. It is any business that exchanges, transfers, holds or safeguards crypto for other people. Exchanges, custodial wallets, brokers and crypto ATM operators are all VASPs and all need authorisation.

Who needs a licence?

Any firm offering crypto exchange, custody, broking or transfer services to customers in Pakistan. This covers local companies and foreign platforms that actively serve Pakistani users, even if the company is registered abroad.

What happens without one?

Operating without authorisation puts the firm outside the legal perimeter. That blocks banking access, exposes directors to enforcement, and makes it far harder to get licensed later once the regulator has a file on you.

Two things, done properly

We publish the regulatory record, and we use it to place licence applicants with the advisers who can actually get them approved.

01

Regulatory coverage

We read every PVARA notification, circular and consultation in full, then explain it in plain English: what changed, who it affects, and the deadline you need to meet.

Browse the archive →
02

Consultant matching

Tell us which licence you are applying for and where your compliance programme has gaps. We shortlist advisers from our global panel with a track record in that exact licence type.

How matching works →
03

Application checklists

Document lists, AML and KYC policy outlines, fee schedules and country comparisons. We update them as the rules move so you are never working from an old version.

See what is covered →

How do we find the right adviser for your licence?

You fill in one short form. We check our panel of more than 25 advisers against your country and the work you need done, then send back a shortlist with the things that actually matter: filings they have had approved, how they charge, and when they can start.

  • An adviser is only shortlisted when we can verify a completed filing
  • Consultants pay us nothing, so none of them can buy a place on your shortlist
  • You get the shortlist within two business days
  • The shortlist is free. Our fee is 20% of the consultant's fee, and only if you appoint one
Read the full process →

Request your shortlist

  1. Tell us what you needCountry, licence type, where your programme has gaps, and your budget. Takes about three minutes.
  2. We screen the panelWe check who has actually completed that filing, who is available, and who fits your budget.
  3. You get a shortlistWithin two business days, by email, with the reasoning behind each match.
  4. You appoint directlyYou contract with the consultant and agree their fee. Our 20% applies only once you appoint.
Request my shortlist

Free shortlist · 2 business days · No obligation

Where does the framework stand today?

Four stages decide when you can apply. This is what has happened and what is still coming.

In force

The authority exists

PVARA has its legal mandate, its powers of inspection, and a defined list of the crypto activities it regulates.

Open now

Licensing consultation

Draft licence categories, capital requirements and fit-and-proper tests are open for industry comment.

Pending

AML and CFT rules

Travel rule thresholds and suspicious transaction reporting, to be aligned with FATF Recommendation 15.

Expected

First licences issued

Phase one approvals for exchanges and custodians are expected in the coming financial year.

Analysis from the desk

All articles →

Questions we get asked most

What is PVARA?

PVARA is the Pakistan Virtual Assets Regulatory Authority. It is the government body that licenses and supervises virtual asset service providers in Pakistan, including exchanges, custodians and brokers. It sets the licence categories, capital requirements and anti-money-laundering duties these firms must meet.

What is a VASP?

A VASP is a Virtual Asset Service Provider. It is any business that exchanges, transfers, holds or safeguards crypto assets for other people, or sells crypto assets to the public. Exchanges, custodial wallets, brokers and crypto ATM operators are all VASPs.

Who needs a VASP licence in Pakistan?

Any firm that offers crypto exchange, custody, broking or transfer services to customers in Pakistan needs authorisation from PVARA. This applies to local companies and to foreign platforms that actively serve Pakistani users.

What does consultant matching cost?

The shortlist is free. Sarzif Policy charges 20% of the consultant's fee, payable only if you appoint one of the consultants we introduce. Consultants pay us nothing, so none of them can buy a place on your shortlist.

How long does a VASP licence take in Pakistan?

No firm has completed the full PVARA process yet because licensing is still at consultation stage. Based on comparable regimes in the UAE and Singapore, applicants should plan for six to twelve months from first filing to approval.

Is Sarzif Policy connected to PVARA?

No. Sarzif Policy is independent and is not affiliated with PVARA, the SECP, the State Bank of Pakistan or any other regulator. It reports on what regulators publish. Everything on the site is information, not legal advice.