Trust Securities plans virtual asset services, seeks PVARA licences

Trust Securities & Brokerage Limited said Friday its board approved plans to apply for licences to offer virtual asset services in Pakistan, including custody, exchange, and transfer and settlement services, as the listed brokerage looks to enter the country’s newly regulated virtual asset market.

What virtual asset services does Trust Securities plan to offer?

Trust Securities plans to seek PVARA licences for three activities: custody of virtual assets, operating exchange services, and providing transfer and settlement services. The company said it has not begun any regulated virtual asset activity and will not do so until it obtains the required licences and other regulatory approvals.

The applications will be submitted to the Pakistan Virtual Assets Regulatory Authority under the framework established by the Virtual Assets Act, 2026.

Trust Securities said the proposed licences would allow it to provide virtual asset custody, exchange, and transfer and settlement services, subject to obtaining all necessary regulatory approvals and authorisations.

The company said the initiative would allow it to explore opportunities in Pakistan’s emerging virtual asset ecosystem while operating within the applicable legal and regulatory framework.

Trust Securities stressed that it has not started offering any regulated virtual asset services and would not undertake activities requiring regulatory approval until the necessary licences and authorisations are obtained.

The proposal will also be presented to shareholders at the company’s upcoming annual general meeting and may require amendments to its memorandum and articles of association.

Trust Securities said it would update the Pakistan Stock Exchange on the status of its applications and any material developments in line with regulatory requirements.

PVARA’s licensing framework lists custody, exchange, and transfer and settlement as separate virtual asset service categories.

How much does Trust Securities plan to increase its authorised capital?

Trust Securities’ board has also proposed increasing the company’s authorised share capital to PKR 1 billion from PKR 750 million. The proposal remains subject to shareholder approval through a special resolution and will be presented at the company’s annual general meeting scheduled for October 26.

The existing authorised share capital comprises 750 million ordinary shares with a face value of PKR 1 each.

Under the proposal approved by the board at its September 25 meeting, the authorised capital would increase to 1 billion ordinary shares of PKR 1 each.

The company said the relevant clauses of its memorandum and articles of association would be amended accordingly, subject to the required approvals.