Pakistan’s deadline for existing virtual asset service providers (VASPs) to file a No-Objection Certificate (NOC) with the Pakistan Virtual Assets Regulatory Authority (PVARA) arrives on September 5, 2026. Firms that miss it must immediately cease covered services under the Virtual Assets Act 2026, with Section 70 treating continued operation as a criminal offense. The law took effect on March 5, 2026, making existing operators transitional persons with a limited regularization period. An NOC is an initial authorization rather than a full license: firms that file can continue existing services while undergoing PVARA review, but must still complete Financial Monitoring Unit registration, incorporate a local Pakistan company, and apply for a full VASP license. The regime covers exchanges, custody, broker-dealers, lending, derivatives, token issuance, and transfer and settlement services, with customer assets barred from lending or pledging without written consent. AML, KYC, and cybersecurity requirements apply from the NOC stage. Pakistan has roughly 40 million crypto-linked accounts, while PVARA Chairman Bilal Bin Saqib estimates the virtual-asset market at $250 billion and has told senators that Pakistani capital in the sector totals $10 billion to $20 billion. Binance and HTX are the only firms publicly confirmed to hold early NOCs, issued in December 2025. The State Bank of Pakistan’s Circular No. 10 has enabled PVARA-licensed firms to access regulated banking services and open segregated Client Money Accounts. PVARA says enforcement against unregistered operators begins immediately after the deadline, with the public NOC register, first full VASP license, and scaled opening of client money accounts among the next milestones to watch.