Pakistan's Virtual Asset Regulatory Authority (PVARA), the country's newly established digital asset watchdog, has ordered all existing cryptocurrency service providers to submit applications for no-objection certificates by September 5 or cease operations entirely. The authority says Pakistan's licensing regime is now fully active, with the country having moved from legislation to open licensing in under six months. The State Bank of Pakistan has simultaneously lifted earlier restrictions on virtual currencies, permitting regulated banks to open accounts for licensed operators while barring them from trading or holding crypto assets using their own funds.