Trust Securities & Brokerage Limited (TSBL) is preparing to explore opportunities in Pakistan’s regulated virtual asset sector by seeking licences for custody, exchange and virtual asset transfer and settlement services. The brokerage disclosed that its board of directors has approved the intention to apply to the Pakistan Virtual Assets Regulatory Authority (PVARA) for the required licences, marking a potential expansion of the company’s activities into the country’s emerging regulated virtual asset ecosystem.
The proposed applications cover three categories of virtual asset services. These include custody services, exchange services, and virtual asset transfer and settlement services. Trust Securities said the applications would be pursued under the regulatory framework established by the Virtual Assets Act, 2026, which provides for the licensing, regulation and supervision of Virtual Asset Service Providers in Pakistan. The company said the initiative is intended to allow it to explore opportunities in the virtual asset sector while operating within the applicable legal and regulatory framework.
Trust Securities clarified that it has not yet started providing regulated virtual asset services. Any such activities would only begin after the company obtains the necessary regulatory approvals and licences from PVARA and other relevant authorities. This means the proposed expansion remains subject to the applicable licensing process and does not represent the immediate launch of virtual asset services by the brokerage.
The proposal is also expected to be presented to the company’s shareholders at its upcoming annual general meeting. Trust Securities said the initiative may require amendments to its memorandum and articles of association to accommodate the proposed business activities. The company’s board approved the virtual asset licensing proposal during its meeting held on September 25, 2026.
Separately, Trust Securities’ board approved a proposal to increase the company’s authorised share capital by Rs250 million, taking it from the existing Rs750 million to Rs1 billion. The proposed increase remains subject to approval by shareholders through a special resolution. The company currently has an authorised share capital of Rs750 million, divided into 750 million ordinary shares with a face value of Rs1 each.
Under the proposed capital structure, the authorised share capital would increase to Rs1 billion, comprising one billion ordinary shares with a face value of Rs1 each. If approved, the relevant provisions of the company’s memorandum and articles of association would also be amended, subject to the necessary regulatory and corporate approvals. Shareholders are scheduled to consider the proposal at the company’s annual general meeting on Monday, October 26, 2026.
Trust Securities has also indicated plans involving Special Purpose Acquisition Companies, or SPACs, although the initiative remains at a preliminary stage. The potential SPAC activity is separate from the proposed virtual asset business and reflects the brokerage’s broader plans to explore additional opportunities within Pakistan’s capital market. Further details on the potential SPAC launches were not provided in the disclosed information, leaving the proposal subject to further development and the applicable approvals.
Trust Securities & Brokerage Limited was incorporated in Pakistan on October 19, 1993, as a public limited company under the Companies Ordinance, 1984, which has since been replaced by the Companies Act, 2017. The company is a Trading Right Entitlement Certificate holder of the Pakistan Stock Exchange and is also a member of the Pakistan Mercantile Exchange Limited.
The proposed move into virtual asset services comes as Pakistan establishes a formal regulatory framework for businesses operating in the digital asset space. For Trust Securities, the planned PVARA applications would create a pathway to potentially offer custody, exchange, transfer and settlement services, but the company has emphasised that operations will not commence until the required regulatory permissions have been secured. Alongside this initiative, the proposed increase in authorised capital and preliminary SPAC plans indicate that the brokerage is also evaluating additional areas of activity within Pakistan’s financial and capital market ecosystem.
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