According to CoinMeta, the Pakistani Virtual Assets Regulatory Authority ( PVARA ) has required cryptocurrency exchanges and related service providers that are already operating in the country to initiate the licensing process by September 5th; otherwise, they must cease their operations. PVARA opened a licensing application portal for virtual asset service providers on August 22nd and published regulatory rules. Service providers that are already in operation need to submit a "no objection certificate" ( NOC ) application. Enterprises that do not submit their applications by September 5th must stop providing relevant services within the scope of regulation, as continued operation will be considered a violation. This policy applies to exchanges, custodian institutions, and other enterprises targeting Pakistani users.