Pakistan Mandates Crypto Platforms to Apply for License by Sep 5

Pakistan is choosing registration over prohibition, which puts it in a different category from jurisdictions that have simply blocked crypto activity. The September 5 deadline functions as a filter: platforms willing to submit to oversight stay, those that don't exit the market. For a country with heavy informal crypto usage, the real test is whether licensing brings activity into the open or just pushes it further underground. Watch whether the framework is broad enough to accommodate the exchanges that actually serve local users.