According to CoinMeta, Pakistan has shifted its approach to the crypto industry from regulatory planning to a proactive licensing system, opening applications for virtual asset companies and providing a process for authorization to those already operating in the country, which began on September 5, 2026. This deadline has become the first practical test of Pakistan's Virtual Assets Act, distinguishing between platforms that are willing to establish a regulated local presence and those that are preparing to exit the market. The Pakistan Virtual Assets Regulatory Authority (PVARA) launched an application portal after the introduction of the 2026 Virtual Assets Services Regulations and Specific Activities Regulations. According to Article 70 of the Virtual Assets Act, companies that were operating before March 5, 2026, must submit an application for no-objection certification by September 5; otherwise, their operations will be halted. This certification is not a final license but represents a phased path to entering a regulated market. Pakistan's framework is designed around regulated virtual asset services, and companies can achieve full authorization through the path from no-objection certification to a license or through a regulatory sandbox. Pakistan's new model further strengthens the regulation of crypto companies by establishing a dedicated virtual assets regulatory agency and a clear path for obtaining operating licenses.