Trust Securities Plans Crypto Business, Seeks PVARA Licences And SPAC Launch.\
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Pakistan Stock Exchange-listed Trust Securities & Brokerage Limited (TSBL) has secured board approval to enter the country's digital asset sector by applying for formal operational licences from the Pakistan Virtual Assets Regulatory Authority (PVARA). Operating under the statutory framework of the Virtual Assets Act 2026, TSBL intends to seek regulatory authorisation for virtual-asset custody, exchange, and transfer and settlement services. The company emphasized that it will not undertake any regulated virtual-asset operations or commercial services until official licences are formally granted by PVARA. Alongside its digital asset strategy, TSBL’s board has also greenlit preliminary exploratory steps toward launching Special Purpose Acquisition Companies (SPACs) under Pakistan's regulatory framework, subject to subsequent shareholder and regulatory clearances. These dual moves highlight the growing integration of traditional brokerage firms into alternative investment vehicles and emerging financial technologies.
Pakistan Stock Exchange-listed Trust Securities & Brokerage Limited (TSBL) has approved plans to enter the country’s emerging virtual-asset market and will apply for licences from the Pakistan Virtual Assets Regulatory Authority (PVARA).
In a notice to the PSX, the company said its board had approved applications for licences covering virtual-asset custody, exchange, and transfer and settlement services. The applications will be made under Pakistan’s Virtual Assets Act 2026 and the regulatory framework governing Virtual Asset Service Providers (VASPs).
TSBL said the proposed initiative is aimed at allowing the company to explore opportunities in Pakistan’s developing digital-asset ecosystem while operating within the applicable legal and regulatory framework.
The company clarified that it has not yet started any regulated virtual-asset services. It will not undertake activities requiring regulatory authorisation until the necessary approvals and licences have been obtained from PVARA.
PVARA is responsible for licensing, regulating and supervising virtual-asset service providers in Pakistan. The regulatory framework allows businesses to seek authorisation for activities including custody, exchange and transfer of virtual assets.
The move comes as Pakistan develops a formal regulatory structure for digital assets. The State Bank of Pakistan has also issued instructions allowing regulated banks to open accounts for PVARA-licensed VASPs, subject to due diligence, risk controls and anti-money-laundering requirements.
Separately, TSBL’s board has advised the company to proceed with plans to launch a series of Special Purpose Acquisition Companies (SPACs). The proposed initiative would involve the formation, structuring, public offering and listing of SPACs under Pakistan’s regulatory framework.
However, the SPAC plan remains at a preliminary stage. TSBL said no definitive transaction, offering, acquisition or merger has been concluded or approved, with further regulatory clearances and shareholder approvals still required.
The company’s expansion plans come as Pakistan’s capital and financial markets begin to explore new business models linked to digital assets and alternative investment structures. TSBL is currently listed on the PSX under the investment, banking and securities companies sector.
