Service overview
Asset-referenced token issuance is a specialised PVARA-authorised activity involving token value linked to underlying reference assets.
PVARA differentiates the initial NOC, incorporation in Pakistan, and final licensing for one or more authorised services. An NOC is not an operating licence, and each chosen licence class has its own safeguarding, capital, competence and activity rules.
Who is eligible for Asset-Referenced Token Issuance Services Licence?
Eligibility turns on the instrument's legal character, reserve assets, redemption claims, capital, disclosure and governance requirements. For a licence in this category, Schedule I to the Pakistan Virtual Asset Services Regulations, 2026 prescribes minimum paid-up capital of PKR 300,000,000. Under the published framework the VASP applicant company must have at least three directors, with applicable independent-director and fit-and-proper controls.
Asset-referenced token issuers must identify permissible reference assets, fully documented reserves and redemption/legal claims and satisfy the separate Schedule I issuer capital.
For VASP licences, paid-up capital, eligible company form, director qualifications and actual regulated activity must be tested separately for the chosen licence class. A PVARA NOC does not grant permission to operate.
Documents and information for Asset-Referenced Token Issuance Services Licence
Prepare the following information for asset-referenced token issuance services licence. The relevant regulator may require further forms or certified evidence, depending on the applicant and chosen procedure.
- Token white paper
- Reserve and custody model
- Redemption terms
- Issuer ownership
- Audit/attestation plan
- AML and risk controls.
- Evidence of subscribed and paid-up capital, with supporting attestation for the applicable PVARA licensing category
How can I obtain Asset-Referenced Token Issuance Services Licence in Pakistan?
- 01Classify asset-referenced token and reserve backing
Define reference assets, issue and redemption mechanism and rights of token holders.
- 02Establish issuer eligibility and reserve framework
Complete NOC and capital criteria, custody and audit/attestation arrangements for reference assets.
- 03Apply for Asset-Referenced Token Issuance licence
Submit issuance programme, legal terms, reserve management, disclosure and redemption controls to PVARA.
- 04Monitor reserves and token-holder rights
Produce reserve and redemption reports and avoid unlicensed additional services.
Regulator resource: PVARA published 2026 licensing tracks
After registration or approval
Maintain reserve backing, transparency, redemption, audits and token-holder protections.
Governing law & official references
Virtual Assets Act, 2026; Pakistan Virtual Asset Services Regulations, 2026; and Pakistan Virtual Asset Services Activity Specific Regulations, 2026.
The links below lead to government or official regulatory sources relevant to this service. Use the currently consolidated Act, regulations, statutory checklist and official portal when making an application.
How Chambers can assist
Chambers can review the legal route, identify regulatory constraints, prepare or review the supporting corporate and legal documents, manage the prescribed submission and correspond with the competent authority where instructed. The scope of the engagement will be determined by the applicant’s particular circumstances.
For an initial enquiry, identify the proposed activity, applicant entity and current stage, and provide the available documents indicated above. Please avoid sending confidential or identity-sensitive records through an unencrypted first contact.
Common questions about Asset-Referenced Token Issuance Services Licence
Who is eligible for Asset-Referenced Token Issuance Services Licence in Pakistan?
Eligibility turns on the instrument's legal character, reserve assets, redemption claims, capital, disclosure and governance requirements. For a licence in this category, Schedule I to the Pakistan Virtual Asset Services Regulations, 2026 prescribes minimum paid-up capital of PKR 300,000,000. Under the published framework the VASP applicant company must have at least three directors, with applicable independent-director and fit-and-proper controls.
What documents are needed for Asset-Referenced Token Issuance Services Licence?
Token white paper; Reserve and custody model; Redemption terms; Issuer ownership. Additional requirements can apply to the actual business or regulator.
How can I obtain Asset-Referenced Token Issuance Services Licence in Pakistan?
Classify asset-referenced token and reserve backing: Define reference assets, issue and redemption mechanism and rights of token holders. Establish issuer eligibility and reserve framework: Complete NOC and capital criteria, custody and audit/attestation arrangements for reference assets. Apply for Asset-Referenced Token Issuance licence: Submit issuance programme, legal terms, reserve management, disclosure and redemption controls to PVARA. Monitor reserves and token-holder rights: Produce reserve and redemption reports and avoid unlicensed additional services.
This guide is general information, not advice on your facts. Check the applicable law, notifications, updated regulator checklists and jurisdiction before acting. The authority alone determines eligibility, acceptance and approval; no outcome or processing period is guaranteed.