PVARA Licensing & Regulatory Status

Last updated: April 2026

Regulatory Framework

Wavefront is operated by FlowWing Labs LLC, a technology provider dedicated to bridging traditional finance with digital asset infrastructure. Our operations are governed by the Pakistan Virtual Assets Regulatory Authority (PVARA) under the Virtual Assets Act 2026.

Licensing Status

Wavefront facilitates services for Licensed Virtual Asset Service Providers (VASPs) and Regulated Financial Institutions.

  • NOC Status: FlowWing Labs holds a valid No-Objection Certificate (NOC) from PVARA to develop and test remittance and tokenization infrastructure.

  • Sandbox Participation: We are an active participant in the PVARA Regulatory Sandbox (Phase II), focusing on stablecoin remittance rails and PKR-denominated conversion models.

Banking Rails & Compliance

In accordance with SBP BPRD Circular No. 10 of 2026, Wavefront utilizes segregated Client Money Accounts (CMAs).

  • Segregation of Funds: Client funds are never commingled with corporate assets.

  • PKR Denomination: All settlement accounts are PKR-denominated and non-remunerative, as mandated by the State Bank of Pakistan.

  • Prohibition of Direct Holding: As an infrastructure provider, Wavefront does not invest, trade, or hold virtual assets using customer deposits or its own proprietary funds.

AML / CFT & Sanctions Screening

Our platform integrates institutional-grade compliance tools to meet FATF Travel Rule standards. We conduct:

  • KYC/KYB: Rigorous due diligence on all institutional partners and underlying VASPs.

  • Ongoing Monitoring: Real-time transaction monitoring reported to the Financial Monitoring Unit (FMU) under the Anti-Money Laundering Act, 2010.

Sharia Compliance

As required by Section 21 of the Virtual Assets Act, our stablecoin and remittance product structures are reviewed for Sharia Compliance to ensure they meet the ethical and financial standards for the Pakistani market.

Transparency & Reporting

Wavefront maintains a policy of Radical Transparency.

  • Proof of Reserves: We provide cryptographic proof-of-reserves at prescribed intervals.

  • Public Register: Our licensing status and permitted activities can be independently verified on the PVARA Public Licensee Register.