PVARA License Checker
Check if your crypto platform is licensed by Pakistan's Virtual Assets Regulatory Authority (PVARA). This tool helps you verify whether a service is authorized to operate in Pakistan under the new regulatory framework.
Before July 2025, crypto in Pakistan existed in a legal gray zone. No law banned it, but no law protected it either. People traded, held, and used digital assets - but without clear rules, without recourse if things went wrong, and without access to banks or formal financial systems. That changed with the Pakistan Virtual Assets Regulatory Authority (PVARA). Launched on July 8, 2025, PVARA isn’t just another rulebook. It’s the country’s first full-time, independent regulator for everything digital asset-related - from exchanges and wallets to staking platforms and NFT marketplaces.
What PVARA actually does
PVARA doesn’t just monitor crypto. It controls it. Every company offering virtual asset services in Pakistan - whether it’s a local startup or a global exchange like Binance or Coinbase - must get a license from PVARA to operate. No exceptions. No loopholes. If you’re running a crypto trading platform, custody service, or even a peer-to-peer payment app that handles Bitcoin or Ethereum, you’re now under PVARA’s authority.
The authority has real teeth. It can shut down unlicensed operations, freeze assets, fine companies millions of rupees, and ban executives from working in the industry. It also sets technical standards - things like cybersecurity protocols, customer verification systems (KYC), and how transaction records are stored. All of this is designed to match global standards, especially those from the Financial Action Task Force (FATF), which Pakistan has been under pressure to comply with for years.
Who can apply for a license?
PVARA isn’t opening the door to just anyone. The authority has made it clear: only firms already licensed by top-tier regulators like the U.S. SEC, UK FCA, EU’s MiCA framework, UAE’s VARA, or Singapore’s MAS are eligible to apply. This isn’t about protecting local businesses. It’s about filtering out shady operators and bringing in only those with proven compliance records.
To apply, companies must submit detailed documentation: company structure, financial statements, security infrastructure, compliance history, and a clear plan for how they’ll serve Pakistani users. They also need to show how they’ll handle anti-money laundering (AML) checks, how they’ll report suspicious activity, and what safeguards they have in place to protect customer funds. PVARA isn’t just checking paperwork - they’re vetting operational maturity.
Why this matters for regular users
If you’re a Pakistani citizen holding crypto, this changes everything. Before PVARA, if your exchange got hacked or disappeared, you had no legal recourse. Now, licensed platforms are required to keep customer funds segregated, carry insurance, and follow strict audit rules. If a licensed provider fails, PVARA can step in - and users have a path to compensation.
It also means fewer scams. The flood of fake ICOs, pump-and-dump schemes, and unregulated trading bots that plagued Pakistan’s crypto scene in 2023 and 2024 will be harder to run now. PVARA’s licensing system makes it expensive and risky for fraudsters to operate. That doesn’t mean scams will vanish overnight - but the playing field is now tilted toward legitimacy.
Shariah-compliant crypto is coming
One of PVARA’s most unique moves is its focus on Shariah-compliant digital assets. Pakistan’s financial culture is deeply tied to Islamic finance, and PVARA has created a regulatory sandbox specifically for blockchain projects that meet Islamic law standards. This includes tokenized assets that avoid interest (riba), speculative trading (gharar), and unethical industries. Think of it as halal crypto - digital gold, tokenized real estate, or peer-to-peer lending platforms that use profit-sharing instead of fixed interest.
Several local fintech firms have already entered the sandbox, testing models that could become mainstream. One is developing a blockchain-based zakat distribution system. Another is building a halal NFT marketplace for Islamic art and education. These aren’t just niche experiments - they’re the foundation of Pakistan’s long-term vision: to become a hub for ethical, faith-aligned digital finance in the Muslim world.
What about the CBDC?
PVARA isn’t the only player. The State Bank of Pakistan (SBP) is working on its own digital currency - a central bank digital currency (CBDC) called the Digital Rupee. While PVARA handles private crypto, the SBP is building the government’s version. The two are meant to coexist: private crypto for innovation and choice, the Digital Rupee for payments, remittances, and government services.
Early pilots are expected to launch in 2026, starting with government salary disbursements and cross-border trade. Unlike crypto, the Digital Rupee won’t be decentralized. It’ll be fully controlled by the central bank, with no mining, no volatility, and no speculative trading. But it will be accessible through mobile wallets - just like crypto apps - making it easy for millions of unbanked Pakistanis to join the digital economy.
How this compares to other countries
Most countries took years to build crypto rules. Some, like India, introduced heavy taxes and restrictions without clear licensing. Others, like Nigeria, banned banks from dealing with crypto but never enforced it. Pakistan took a different path: it created a single, powerful regulator with clear authority, international alignment, and a focus on attracting quality players.
It’s more like the UAE’s VARA model than China’s outright ban. The goal isn’t to crush crypto - it’s to own it. By setting high entry barriers, Pakistan is signaling to global firms: if you want access to 240 million people, you’ll play by our rules. That’s a bold move - and one that could pay off if executed well.
What’s next for businesses
If you’re a startup in Pakistan looking to build a crypto-related product, PVARA is now your first stop. Don’t try to launch without a license - you’ll be shut down. Instead, study the EoI (Expression of Interest) guidelines on PVARA’s official portal. Prepare your compliance team. Hire a legal advisor familiar with FATF standards. And don’t assume local experience is enough - global regulators will scrutinize your operations closely.
For foreign firms, the message is clear: Pakistan is open for business - but only for the best. If you’ve been licensed in the EU, Singapore, or the U.S., you’re in the running. If you’ve operated in unregulated markets, you’re not.
What’s next for users
For everyday users, the next 12 months will be about learning what’s safe. Start by checking if your exchange or wallet is on PVARA’s official list of licensed providers. Avoid any platform that won’t show you their license number. Use only services that offer two-factor authentication, insurance coverage, and transparent fee structures.
Also, be aware: PVARA doesn’t regulate personal crypto holdings. You can still buy Bitcoin on international exchanges and store it in your own wallet. But if you want to convert it to Pakistani rupees, trade it locally, or use it for payments - you must go through a licensed provider.
Is crypto legal in Pakistan now?
Yes - but only if you use services licensed by PVARA. Personal ownership and holding of crypto is not illegal, but any business offering crypto trading, custody, or payment services must be authorized by PVARA. Unlicensed platforms are illegal and can be shut down.
Can I still use Binance or Coinbase in Pakistan?
Not unless they get licensed by PVARA. As of November 2025, neither Binance nor Coinbase is on PVARA’s official list. Users can still access these platforms from abroad, but they won’t be able to deposit or withdraw Pakistani rupees through them. For local transactions, you must use a PVARA-licensed provider.
What happens if I use an unlicensed crypto platform?
You won’t be arrested or fined - PVARA targets businesses, not individuals. But if the platform gets shut down, you could lose your funds with no legal recourse. Licensed platforms are required to protect customer assets and offer compensation in case of failure. Unlicensed ones aren’t.
How do I check if a crypto service is licensed by PVARA?
Visit the official PVARA website and look for the public registry of licensed Virtual Asset Service Providers (VASPs). Each licensed company will have a unique registration number. If a platform won’t show you this number, don’t trust it.
Is there a limit on how much crypto I can buy or hold?
No personal limits exist yet. PVARA regulates businesses, not individual holdings. However, licensed exchanges may impose their own limits based on KYC levels - for example, users with basic verification might have lower daily trading caps than those with full identity verification.
Will PVARA ban decentralized exchanges (DEXs)?
PVARA can’t shut down global DEXs like Uniswap - they’re decentralized and operate outside Pakistan’s borders. But it can block access to them through Pakistani ISPs and ban local companies from facilitating access to them. If a Pakistani firm builds a gateway to a DEX, that firm will need a PVARA license - or face penalties.
How is PVARA different from the State Bank’s CBDC?
PVARA regulates private digital assets like Bitcoin and Ethereum. The State Bank’s Digital Rupee is a government-issued digital currency, similar to digital cash. They serve different purposes: PVARA enables innovation and choice; the CBDC enables secure, stable, state-backed payments. You can use both - but they’re not interchangeable.
Final thoughts
PVARA isn’t a crackdown - it’s a cleanup. Pakistan used to be a wild west for crypto. Now, it’s building a real financial system. The rules are strict, the bar is high, and the stakes are bigger than ever. For users, this means safety. For businesses, it means opportunity - if you’re ready to play by the rules. For the country, it’s a chance to leapfrog outdated financial systems and become a leader in digital finance across South Asia.
Whether you’re holding crypto, running a startup, or just trying to send money home - PVARA changes the game. The question isn’t whether you can ignore it. It’s whether you’re ready to adapt to it.