Pakistan’s virtual-asset regulator has received applications from 70 companies seeking to enter the country’s new regulatory framework, according to PVARA Chairman Bilal Bin Saqib. Saqib disclosed the figure during a media briefing reported by TechJuice. The authority has not separately published the total on its website or social-media channels, nor released a list identifying the companies involved.
This is the clearest indication so far of business interest in Pakistan’s newly formalised virtual-asset regime. On its own, though, the number says nothing about how many applicants have cleared an initial review, received a No-Objection Certificate, or moved toward a full Virtual Asset Service Provider licence.
The figure follows the September 5 deadline for transitional virtual-asset businesses, those already operating in or from Pakistan on or before March 5, 2026, which PVARA had required to submit an NOC application by that date or cease operations.
Whether the 70 applications split between transitional operators and companies entering Pakistan for the first time is something PVARA has not disclosed.
Applicant numbers do not yet show approval status
The 70 applications offer an early measure of demand for access to Pakistan’s regulated virtual-asset market, but the number should not be interpreted as 70 approved or licensed operators.
PVARA’s framework separates preliminary regulatory entry from eventual licensing. Companies must satisfy further regulatory requirements before receiving authorisation to provide regulated virtual-asset services in Pakistan.
So far, the authority has not published a breakdown showing how many applicants are under review, how many have received NOCs, or how many have moved into later stages of the licensing process.
No complete public applicant register has been released either.
That leaves several details unresolved after the September deadline: how many existing operators complied on time, how many applications came from international companies, how many were submitted by Pakistani businesses, and how quickly PVARA expects to process the current pipeline.
The authority’s NOC application page continues to state that online submissions are temporarily unavailable and instructs applicants to use email for submissions.
PVARA also has not announced a fixed date by which the current batch of applicants will receive decisions.
The 70-company figure therefore provides an indication of market interest rather than the size of Pakistan’s eventual regulated crypto industry. A clearer picture will emerge when PVARA begins disclosing application outcomes, NOC approvals, or the companies advancing toward full VASP licensing.
The 70 applications are a strong signal of market interest, but from a regulatory perspective, the real metric is what happens after submission. NOC approvals, compliance reviews, governance, AML/CFT controls and eventual VASP licences will show how effectively the framework is being implemented.