According to CoinMeta, the Pakistan Virtual Assets Regulatory Authority ( PVARA ) has initiated a licensing process for crypto platforms. Exchanges, custodian institutions, and other service providers that are already operating in the country before March 5th, the date when the Virtual Assets Act is set to take effect, are required to submit a certificate of no objections ( NOC ) by September 5th; otherwise, they must cease related services. Platforms that submit complete applications in a timely manner may continue to operate during the review period, but the authorities may impose restrictions on new user registrations, products, trading volumes, or custodial services. The NOC represents only a preliminary regulatory permit and does not equate to a formal license. Continuing to operate without submitting an application will constitute a violation of the law. Binance and HTX obtained NOC in December 2025 and can directly apply for a formal license.