Regulatory Alerts2025-12-08
Added · Updated
PVARA No Objection Certificate Regulations 2025
The Pakistan Virtual Asset Regulation Authority establishes requirements for Virtual Asset Service Providers to obtain a No Objection Certificate, which serves as approval for AML registration on the goAML portal and permission to incorporate a local entity. Applicants must maintain specific governance structures, including designated Key Individuals who satisfy fit and proper standards, and disclose all controllers holding 20% or more voting power. The regulations mandate the implementation of comprehensive AML/CFT frameworks, including customer due diligence, transaction monitoring, and recordkeeping for a minimum of seven years. Successful applicants are authorized to provide limited AML-registered services prior to full licensing, provided they submit a full license application within three months of the promulgation of VASP licensing regulations.