The Nayapaisa PVARA NOC application, filed on 9 November 2026, marks the first formal regulatory step toward launching a licensed crypto exchange in Pakistan. Norway-based Norwegian Block Exchange (NBX) and Aprikos Venture have submitted a No Objection Certificate request to Pakistan’s crypto regulator after months of preparation. If approved, Nayapaisa could become one of the first internationally backed digital asset exchanges to hold a full PVARA licence.
What Is Nayapaisa and Who Is Behind It?
NBX and Aprikos Venture have signed a joint venture agreement for Nayapaisa (Private) Limited (proposed), a digital asset exchange the two companies plan to establish in Pakistan.
NBX and Aprikos Venture will own Nayapaisa 50/50 through Horizon Markets AS, a Norwegian holding company currently under incorporation. This equal split keeps both sides equally invested in making it work. NBX contributes the exchange technology, while Aprikos Venture leads the local corporate structure, the dialogue with PVARA, and operations in Pakistan.
Jamil Rehman, chairman of Aprikos Venture, is the proposed chief executive officer, and Stig Kjos-Mathisen, CEO of NBX, is proposed chairman.
NBX was founded in 2018 and operates as a regulated cryptocurrency exchange serving the Nordic market. The company has positioned itself as a leading Bitcoin treasury company listed on the Norwegian stock exchange. Bringing that regulated European infrastructure to Pakistan is the core idea behind Nayapaisa.
The name itself is telling. ‘Naya Paisa’ means ‘new money’ in Urdu, a name that signals the venture is trying to build something fresh inside a market long starved of regulated digital finance options.
Why Pakistan and Why Now?
Pakistan is not a small crypto bet. Pakistan has 241 million people, according to the 2023 census, and ranked third in the 2025 Global Crypto Adoption Index, behind only India and the United States. That is a massive base of users who are already active in crypto but mostly through unregulated channels.
Pakistan is described by the NBX team as one of the world’s largest under-served markets for digital finance, and a natural fit for stablecoin payment rails.
The timing aligns with Pakistan’s new legal framework. In March 2026, the Government of Pakistan introduced the Virtual Assets Act 2026, Pakistan’s first comprehensive legal framework for overseeing virtual assets and the businesses that operate in this space. The bill passed both the Senate and the National Assembly, turning PVARA into a permanent federal regulator with expanded oversight powers across the virtual asset industry.
Pakistan also made it easier for licensed firms to access banking. The State Bank of Pakistan issued a circular on 14 April 2026 that allows regulated banks to serve PVARA-licensed virtual asset providers. Without that move, even a licensed exchange would have struggled to connect to the local banking system.
The Nayapaisa PVARA NOC Process Explained
Not many articles have explained exactly what an NOC means in PVARA’s system, so here is what it actually involves.
The process works in three stages: first, apply to PVARA for a No Objection Certificate using the prescribed form; second, after receiving the NOC, incorporate the company in Pakistan; and third, within the validity period of the NOC, apply for a full licence.
PVARA must decide on a complete application within sixty days, either granting the NOC subject to conditions or refusing it with written reasons.
The NOC is the first step in PVARA’s licensing process, and Nayapaisa will not offer services to customers in Pakistan before PVARA has granted both the NOC and the full licence.
One often-missed detail: the Virtual Assets Act 2026 and its regulations do not require any Pakistani shareholding or cap foreign ownership. This means the full 50/50 Norwegian ownership structure is legally permitted from the start.
For context, Binance and HTX, two global exchanges, have already been granted no-objection certificates and are registered but are not yet authorised to operate. Nayapaisa is now entering the same queue, though as a new applicant rather than a transitional operator.
What Happens After the NOC?
Getting the NOC is just the beginning. After PVARA grants it, the team must incorporate Nayapaisa (Private) Limited in Pakistan, register with the Financial Monitoring Unit (FMU), and then file for a full VASP licence. The first full PVARA licences are expected to be granted in Q4 2026, making this application well-timed for that initial wave.
NBX’s investor materials hint at the bigger vision. The model involves Pakistani rupees flowing into Nayapaisa, being held as stablecoins, then cashed out via remittance rails, connecting local users to global digital finance in a way that fits Pakistan’s large overseas diaspora and remittance economy.
For Pakistani users, a locally licensed and regulated exchange means legal protection, access to formal banking, and an accountable body to complain to if something goes wrong. Those are real improvements over using offshore platforms with no local presence.
Pakistan’s growing crypto interest also matters for the broader tech sector. If you want to understand how AI and digital fraud risks are affecting Pakistan’s financial sector, read our earlier piece on Pakistan’s National CERT flagging AI banking fraud as a growing threat, which shows why regulators are building guardrails fast.
Frequently Asked Questions
What is Nayapaisa?
Nayapaisa is a proposed digital asset exchange for Pakistan, being built as a 50/50 joint venture between Norwegian Block Exchange (NBX) and Aprikos Venture. The name means ‘new money’ in Urdu. It aims to offer regulated crypto trading to Pakistani users once it gets a full PVARA licence.
What is a PVARA NOC and why does Nayapaisa need one?
A No Objection Certificate from PVARA is the first formal step in Pakistan’s crypto licensing process under the Virtual Assets Act 2026. Without it, no digital asset exchange can legally operate or even incorporate in Pakistan for this purpose. The NOC comes before the full VASP licence and must be approved within 60 days of a complete application.
When could Nayapaisa start operating in Pakistan?
The NOC application was filed on 9 November 2026. If approved within the 60-day window, the team can then incorporate the company and apply for a full licence. PVARA is expected to issue first full licences in Q4 2026 or early 2027. Nayapaisa has confirmed it will not serve customers until it holds both the NOC and the licence.
Who are NBX and Aprikos Venture?
NBX (Norwegian Block Exchange) is a publicly listed regulated crypto exchange based in Oslo, Norway, founded in 2018. Aprikos Venture is a Norwegian venture firm focused on building companies in Norway and Pakistan. Jamil Rehman of Aprikos Venture will serve as Nayapaisa’s proposed CEO, with NBX’s Stig Kjos-Mathisen as proposed chairman.
