Answer all 7 questions to see the result.
Short answer: This PVARA checker helps you judge a crypto platform in Pakistan before you deposit. Answer 7 yes or no questions about what the platform shows you, and it returns green, amber or red with the rule behind each answer. It cannot confirm a licence, so even a green result means one thing only: the platform passes the checks you can do yourself, and you still have to verify it with PVARA. Founders can switch to the licence planner to see the minimum capital and the latest decision dates under the 2026 regulations.
Key takeaways
- A PVARA licensee must publish its legal name, its registered office in Pakistan, its licence number and its licence categories on its own website. If these are missing, treat the platform as unlicensed.
- An NOC is not a licence. The regulations say an NOC “does not constitute a Licence or authorization to carry on any Virtual Asset Service”.
- Providing an unlicensed virtual asset service is an offence under section 54 of the Virtual Assets Act, 2026: up to 5 years in prison, a fine up to Rs 50 million, or both.
- On 10 November 2026 I found no public licensee register on pvara.gov.pk and no full licence had been reported, so today the only real confirmation is PVARA itself.
- Minimum paid-up capital runs from PKR 15 million for an Advisory licence to PKR 500 million for an Exchange licence.
- PVARA must decide a complete NOC application within 60 days and a complete licence application within 90 days, which it can extend by up to 60 days.
I am Muhammad Ismail. Almost every week someone sends me a screenshot of an app that says “PVARA approved” and asks if it is safe. Most people cannot tell a licence from an NOC or from a logo copied onto a website, so I built this checker from the rules themselves. Every rule in it comes from the Pakistan Virtual Asset Services Regulations, 2026, the Virtual Assets Act, 2026 and the PVARA FAQ, which I read on 10 November 2026. For the full background, read my guide PVARA explained and my Pakistan crypto rules tracker.
How the PVARA checker works
The tool asks 7 questions. Nothing you tap is sent anywhere or saved: the result is worked out in your browser. Each question is tied to a rule, and each answer gets one line of reason in the result.
| Question | Why it matters | Bad answer |
|---|---|---|
| 1. Pakistani company with a registered office in Pakistan? | Only a company incorporated in Pakistan can hold a licence (Services Regulations 3(1) and 5(1)), and a licensee must publish its legal name and Pakistan office (54(1)). | No: amber |
| 2. PVARA licence number shown? | A licensee must publish its licence number (54(1)). No number means you should treat it as unlicensed. | No: red |
| 3. Licence categories listed? | A licence covers only the categories written in it (5(3)), and they must be published (54(1)). | No: amber |
| 4. Number confirmed with PVARA? | PVARA must keep a public register of licensees (9(6)). A number on a website proves nothing on its own. | No: amber |
| 5. NOC or “registration” described as a licence? | An NOC is not a licence (6(4)). Presenting it as one is misleading. | Yes: red |
| 6. Fees and risks written down before you deposit? | Licensees must publish their fees and clear risk warnings (54(1) and 54(2)). | No: amber |
| 7. Asked to pay into a personal account or mobile wallet? | Banks hold customer money for licensed providers in separate client money accounts, as reported from the SBP circular of 14 April 2026. | Yes: red |
If you cannot find something on the platform, answer No. A real licensee has every reason to show these details clearly, because the regulations tell it to.
What green, amber and red mean
| Result | When you get it | What to do |
|---|---|---|
| Green | All 7 answers are the good ones. | It passes the checks you can do yourself. Still verify with PVARA before you deposit. |
| Amber | No serious warning sign, but something is missing or not confirmed. | Do not deposit until the missing points are fixed and PVARA confirms the licence. |
| Red | No licence number, an NOC sold as a licence, or a request to pay a personal account. | Do not deposit. If you already lost money, report it. |
The tool never says a platform is licensed. I did that on purpose. Your answers describe what a website claims, and only PVARA can confirm a licence.
NOC vs licence: the mix up that costs people money
An NOC, or No Objection Certificate, is the first step for a company that wants to apply. It lets the applicant incorporate in Pakistan and prepare a licence application. It does not let anyone serve customers. Regulation 6(4) says an NOC “does not constitute a Licence or authorization to carry on any Virtual Asset Service”, and it can be withdrawn if it was obtained with false or incomplete information.
So when an app, an agent or an advert says “PVARA registered”, “NOC holder” or “approved by PVARA”, ask one question: where is the licence number and which categories does it cover? If the answer is an NOC, the platform is not licensed to serve you yet. That is why question 5 turns the result red.
PVARA also does not approve coins. Its FAQ says a notification about a listing “does not constitute approval of the virtual asset”. Nobody can honestly sell you a “PVARA approved” token.
Can you check a licence on PVARA’s website today?
The regulations say PVARA “shall maintain and publish an up-to-date public register of Licensees” (regulation 9(6)). On 10 November 2026 I looked for it on pvara.gov.pk and did not find one. The site menu had no register page, and the news page listed no licence. Press reports up to that date said no provider held a full licence yet.
Until a register is online, a licence number cannot be checked by you on a public page. The honest answer to question 4 is No for almost everyone right now, which is why a perfect green result is rare today. I recheck this every month and will update the tool on the day a register or the first licence appears.
Today, a licence claim that PVARA itself has not confirmed is only a claim.
Three worked examples
These are made up platforms, not real companies. They show how the result changes.
Example 1: the Telegram “account manager”
A trading group shows a PVARA logo. There is no company name and no licence number, and an admin asks you to send rupees to his personal mobile wallet. Questions 2 and 7 are both red answers. Result: red. Do not send money.
Example 2: the NOC holder
A known brand names a Pakistani company and office, publishes its fees, and says it is “PVARA registered” on the strength of an NOC. No licence number, no categories. Questions 2 and 5 give red answers. Result: red. The brand may be real, but under the rules it is not licensed to serve you until a licence is granted.
Example 3: the careful platform
A platform names its Pakistani company, shows a licence number and categories, publishes fees and risk warnings, and never asks for payment to a person. You have not confirmed the number with PVARA. Result: amber. Confirm with PVARA first. Only then does it turn green, and green still means “passes your own checks”, nothing more.
For founders: the PVARA licence planner
Tap “Licence planner (founders)” at the top of the tool. It is for people planning a virtual asset business in Pakistan who want the numbers in one place. The rules come from the Services Regulations and the PVARA licensing page.
Minimum paid-up capital by licence category
Schedule I of the Services Regulations sets the minimum paid-up capital for each of the 11 licence categories. Choose your services in the planner and it shows the figure for each one.
| Licence category | Minimum paid-up capital (PKR) |
|---|---|
| Advisory | 15,000,000 |
| Broker-Dealer | 75,000,000 |
| Custody | 200,000,000 |
| Management and Investment | 200,000,000 |
| Transfer and Settlement | 200,000,000 |
| Fiat-Referenced Token Issuance | 300,000,000 |
| Asset-Referenced Token Issuance | 300,000,000 |
| Exchange | 500,000,000 |
| Lending and Borrowing | 500,000,000 |
| Derivatives | 500,000,000 |
| Mining Related | 500,000,000 |
The planner does not add these figures together. Regulation 31(2) says that where a company is authorised for more than one category, PVARA may set the method for working out its minimum capital, with possible add ons for risk. No such method has been published. If you plan two or more categories, ask PVARA how capital applies to combined categories before you raise money.
Decision dates from your NOC application date
Enter the date you plan to file a complete NOC application. The planner counts the limits in the regulations:
- NOC decision: within 60 days of a complete application (regulation 6(3)).
- NOC validity: 3 months from the date of issue, extendable once by up to 3 months (regulation 6(5)).
- Licence decision: within 90 days of a complete application, extendable by up to 60 days for complex cases (regulations 7(3) and 7(4)).
- Director and managing director approval: within 30 business days of a complete application (regulation 20(7)).
Worked example: you file a complete NOC application on 1 December 2026. The latest NOC decision date is 30 January 2027. If the NOC is issued that day, it is valid until 30 April 2027, or 30 July 2027 with the one extension. If you file a complete licence application on the last day of the 3 month NOC, the latest licence decision date is 29 July 2027, or 27 September 2027 if PVARA extends its review.
These are the latest decision dates under the regulations if the application is complete. They are not a promise. An application counts as complete only when PVARA confirms in writing that it has everything, and the clock stops each time PVARA asks for more information (regulation 7(2)).
The 3 steps to a licence
- Apply to PVARA for an NOC on Form I of the Services Regulations.
- After the NOC, incorporate a company in Pakistan under the Companies Act, 2017 with at least 3 directors.
- Apply for one or more licence categories while the NOC is still valid, with the documents in the Annexure to Form I and the processing fee.
Fee amounts are not published yet. The forms in the regulations show the processing fee as “PKR [x]”, so nobody can quote you an official fee today. Be careful with any consultant who does.
What to do if the result is red or you already lost money
Stop sending money first. Save screenshots of the app, the chat, the account or wallet number you paid, and your bank or wallet receipts. Then report it. PVARA takes reports about virtual asset providers and suspected fraud on its complaints page. For bank and wallet fraud and cyber crime, use my Pakistan scam complaint help page, which lists who handles what. My step by step guide on how to check if a crypto exchange is licensed in Pakistan goes deeper on each check.
Frequently asked questions
What is PVARA?
PVARA is the Pakistan Virtual Asset Regulatory Authority, the federal regulator set up under the Virtual Assets Act, 2026. It licenses and supervises companies that offer crypto services in or from Pakistan.
How do I check if a crypto exchange is licensed by PVARA?
Look for the company’s legal name, Pakistan office, licence number and licence categories on its website, then confirm the number with PVARA. On 10 November 2026 there was no public register on pvara.gov.pk, so confirmation has to come from PVARA directly.
Which crypto exchanges are licensed in Pakistan?
On 10 November 2026 no full PVARA licence had been reported for any exchange, and PVARA had not published a register of licensees. I recheck this every month.
Is Binance licensed in Pakistan?
PVARA announced NOCs for Binance and HTX on 12 December 2025. An NOC is not a licence, and on 10 November 2026 no full licence had been reported for any exchange.
Is a PVARA NOC the same as a licence?
No. The regulations say an NOC does not constitute a licence or authorisation to carry on any virtual asset service. It only lets an applicant incorporate and prepare a licence application.
How much capital do I need for a PVARA licence?
From PKR 15 million for Advisory to PKR 500 million for Exchange, Lending and Borrowing, Derivatives and Mining Related services. The full table is in Schedule I of the Services Regulations and in the planner above.
How long does a PVARA licence take?
PVARA must decide a complete NOC application within 60 days and a complete licence application within 90 days, extendable by up to 60 days. Time spent answering PVARA’s questions does not count.
Is crypto legal in Pakistan?
Virtual assets are regulated under the Virtual Assets Act, 2026, and they are not legal tender. Offering crypto services needs a PVARA licence. My guide is crypto legal in Pakistan explains what that means for ordinary users.
This tool is for education only and is not legal advice. It is based on the Virtual Assets Act, 2026 and the Pakistan Virtual Asset Services Regulations, 2026 (S.R.O. 1419(I)/2026), rules last checked 10 November 2026. It works only from your own answers, cannot see any platform and cannot confirm a licence. Capital figures follow Schedule I exactly, and the dates are the outer limits in the regulations, not a forecast. For a decision about your own money or business, confirm with PVARA and ask a lawyer.