Trust Securities & Brokerage Limited (TSBL), a company listed on the Pakistan Stock Exchange (PSX), has announced plans to enter Pakistan’s regulated virtual asset market by seeking licences from the Pakistan Virtual Assets Regulatory Authority (PVARA). The company’s board has approved plans to apply for licences covering virtual asset custody, exchange, and transfer and settlement services, according to a notice submitted to the PSX. The proposed move would expand TSBL’s existing financial services activities into the emerging virtual asset sector and allow the brokerage to explore opportunities under Pakistan’s new regulatory framework for virtual assets. The company has emphasized that the initiative remains subject to regulatory approval and that it has not yet started providing any regulated virtual asset services. TSBL will only be able to undertake activities requiring regulatory authorization after obtaining the relevant licences and approvals. The development comes as Pakistan establishes a formal framework for Virtual Asset Service Providers (VASPs), with PVARA responsible for licensing and supervising entities operating within the regulated virtual asset ecosystem.
TSBL’s proposed licence applications cover several core activities within the virtual asset market. Custody services involve safeguarding digital assets on behalf of clients, while exchange services facilitate the buying and selling of virtual assets. Transfer and settlement services cover the movement and settlement of virtual assets between relevant parties. PVARA’s proposed licensing framework includes activity-specific requirements covering areas such as governance, technology, cybersecurity, market conduct, client protection, compliance, risk management and anti-money laundering and counter-terror financing obligations. The regulator’s draft framework also identifies separate licence categories for different virtual asset activities, reflecting an approach in which service providers are subject to requirements based on the activities they undertake. PVARA has stated that Virtual Asset Service Providers must be licensed before offering regulated services in Pakistan.
The announcement places TSBL among financial-sector companies exploring opportunities created by Pakistan’s formalization of virtual assets. The brokerage said its proposed initiative is intended to allow it to explore opportunities in the emerging virtual asset ecosystem within the applicable legal and regulatory framework. The move does not, however, represent the immediate launch of a crypto service by TSBL. The company has specifically stated that it has not commenced regulated virtual asset activities and will not undertake services requiring authorization until the necessary approvals and licences are secured. This distinction is important as Pakistan’s virtual asset regulatory framework places licensing requirements on companies seeking to provide services such as exchange, custody and transfer. PVARA has also previously advised financial institutions and other entities involved in virtual asset-related initiatives to obtain the required authorization before providing services that fall under its regulatory scope.
Alongside its virtual asset plans, TSBL has separately announced that it is considering an initiative to launch a series of Special Purpose Acquisition Companies (SPACs). The company said the proposed SPAC initiative would involve participation in and facilitation of the formation, structuring, public offering and listing of SPACs in accordance with Pakistan’s applicable regulatory framework. However, TSBL clarified that this initiative is also at a preliminary stage and that no definitive transaction, offering, acquisition or merger has been concluded or approved. The company’s simultaneous exploration of virtual asset services and SPAC-related opportunities indicates an effort to expand its activities across emerging areas of Pakistan’s financial markets. For the crypto initiative specifically, the next stage will involve TSBL’s engagement with PVARA and the licensing process before any regulated virtual asset services can begin.
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