For crypto exchanges, custodians and brokers
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.
Start here
Two terms decide whether your business needs a licence in Pakistan. Here is what each one means.
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.
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.
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.
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.
What we do
We publish the regulatory record, and we use it to place licence applicants with the advisers who can actually get them approved.
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 →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 →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 →Consultant matching
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.
Free shortlist · 2 business days · No obligation
PVARA tracker
Four stages decide when you can apply. This is what has happened and what is still coming.
PVARA has its legal mandate, its powers of inspection, and a defined list of the crypto activities it regulates.
Draft licence categories, capital requirements and fit-and-proper tests are open for industry comment.
Travel rule thresholds and suspicious transaction reporting, to be aligned with FATF Recommendation 15.
Phase one approvals for exchanges and custodians are expected in the coming financial year.
Latest updates
Licensing · 18 September 2026 · 6 min read
This article outlines a pragmatic 12-month roadmap for virtual asset operators to navigate Pakistan's emerging regulatory framework and secure a VASP licence.
Common questions
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.
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.
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.
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.
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.
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.