PSX-listed Trust Securities plans to enter crypto business, seeks PVARA licences

Trust Securities plans virtual asset expansion

Trust Securities & Brokerage Limited (TSBL) said its board had approved plans to seek regulatory licences to offer virtual asset services and separately advised the company to proceed with steps to launch a series of special purpose acquisition companies (SPACs). The company disclosed the development in a number of notices to the Pakistan Stock Exchange (PSX) on Friday.

In a notice to the bourse, TSBL said it intends to apply to the Pakistan Virtual Assets Regulatory Authority (PVARA) for licences covering custody, exchange, and virtual asset transfer and settlement services. “The proposed applications are being pursued in accordance with the regulatory framework established under the Virtual Assets Act, 2026, which provides for the licensing, regulation and supervision of Virtual Asset Service Providers (VASPs) in Pakistan,” read the notice.

PVARA is the regulatory authority responsible for licensing and supervising VASPs and has prescribed various categories of virtual asset services. “The proposed initiative is intended to enable the company to explore opportunities in the emerging virtual asset ecosystem within the applicable legal and regulatory framework,” TSBL said. “The company has not commenced any such regulated virtual asset services and shall not undertake activities requiring regulatory authorisation unless and until the requisite approvals and licenceş are obtained,” it added.

Regulatory background and SPAC initiatives

PVARA was formally approved by the Federal Cabinet on July 8, 2025, as a landmark step to establish a comprehensive legal and institutional framework for the country’s digital assets ecosystem. President Asif Ali Zardari gave his assent to the “Virtual Assets Act, 2025” on July 9, 2025, which officially established PVARA as an autonomous federal body.

In a separate notice, TSBL said it was considering an initiative to launch a series of Special Purpose Acquisition Companies (SPACs). “The proposed initiative is intended to enable TSBL to participate in and facilitate opportunities relating to the formation, structuring, public offering and listing of SPACs in accordance with the applicable regulatory framework governing SPACs in Pakistan,” it said.

The board has advised the company to proceed with necessary steps and seek further regulatory clearances and shareholder approvals, TSBL said. “The proposed SPAC initiative is at a preliminary stage, and no definitive transaction, offering, acquisition or merger has been concluded or approved as of the date of this announcement,” TSBL added.