The Pakistan Virtual Assets Regulatory Authority set September 5 as the deadline for existing virtual asset service providers to submit no-objection certificate applications, warning that non-compliant operators must cease operations. PVARA stated Pakistan’s virtual asset licensing regime was now live, moving from primary legislation to open licensing within six months. The State Bank replaced earlier restrictions on virtual currencies, allowing regulated banks to open accounts for PVARA-licensed providers. Banks must maintain separate, non-remunerative rupee client accounts and enforce anti-money laundering, know-your-customer, and risk-profiling standards. Banks remain prohibited from trading, investing in, or holding virtual assets using their own capital or customer deposits.