Lex Legal Practice advises one of the world's largest crypto exchanges on PVARA NOC
The firm is advising one of the largest cryptocurrency exchanges in the world on its No Objection Certificate before the Pakistan Virtual Asset Regulatory Authority (PVARA) — among the first mandates conducted under the Pakistan Virtual Asset Services Regulations 2026, notified on 21 August 2026.
The Virtual Asset Services Regulations 2026, operationalise the licensing architecture established under Pakistan's virtual assets legislation, setting out the framework within which Virtual Asset Service Providers must obtain authorisation from PVARA, together with the accompanying activity-specific requirements applicable to each category of Virtual Asset Service. The engagement is among the first NOC mandates conducted under the newly notified Regulations.
“Existing virtual asset service providers must submit their NOC applications by Sept 5, 2026 or cease operations in Pakistan,” PVARA has notified via a press release.
The firm's advice covers the alignment of the client's application with the requirements of the new Regulations, the regulatory characterisation of the client's global product suite against the prescribed categories of Virtual Asset Services, and the preparation, legalisation, and submission of the supporting corporate, governance, and compliance documentation required by the authority ahead of the NOC application deadline of 5th September 2026.
The mandate adds to the firm's portfolio of NOC-stage engagements for global exchanges, stablecoin payment companies, wallet providers, and Web3 platforms - the largest virtual assets regulatory practice in Pakistan.
“With the Regulations notified on 21st August 2026, the window between the rules arriving and applications closing is measured in days, not months - NOC deadline is 5th September 2026. This is precisely the moment at which deep familiarity with PVARA's framework built through every stage from the EOI window onwards becomes decisive for our clients.”
— Asad Salahuddin, Managing Partner, Lex Legal Practice