Trust Securities & Brokerage Limited (PSX: TSBL) is preparing to apply to the Pakistan Virtual Assets Regulatory Authority (PVARA) for licenses covering virtual asset custody, exchange, and transfer and settlement services, while also taking steps toward a proposed Special Purpose Acquisition Company (SPAC) initiative. The company’s Board of Directors approved the intention to pursue the virtual asset licenses and advised management to proceed with the required steps for the SPAC proposal, subject to shareholder approval and regulatory clearances.
The decision to pursue virtual asset-related licenses has been taken 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 Board’s approval was made in accordance with the applicable provisions of the Securities Act, 2015, and the Pakistan Stock Exchange Rule Book. The proposed applications will cover three categories of services, namely custody, exchange, and virtual asset transfer and settlement.
PVARA is responsible for licensing and supervising Virtual Asset Service Providers under the country’s virtual asset regulatory framework. Trust Securities said the proposed move is intended to enable the company to explore opportunities emerging within the virtual asset ecosystem. However, the company made it clear that its plans remain subject to securing all required approvals, licenses and authorisations from PVARA and other relevant regulatory authorities before any regulated activities can begin.
TSBL also clarified that it has not started providing any regulated virtual asset services. The company said it will not undertake such activities until the necessary approvals and licenses have been obtained. The matter is expected to be presented to shareholders at the company’s upcoming Annual General Meeting, where approval may also be required for amendments to the company’s Memorandum of Association and Articles of Association to accommodate the proposed activities.
Alongside its virtual asset plans, Trust Securities is also moving forward with a proposed SPAC initiative. The Board has advised the company to undertake the necessary steps for the initiative, including obtaining shareholder approval and securing regulatory clearances required under applicable laws. The proposed initiative would allow TSBL to participate in and facilitate opportunities associated with the formation, structuring, public offering and listing of SPACs within Pakistan’s regulatory framework.
The company has emphasised that its SPAC proposal remains at a preliminary stage. No definitive transaction, public offering, acquisition or merger has been concluded or approved as part of the initiative at this point. Trust Securities said further information regarding the potential structure, number, timing and size of any proposed SPACs would be disclosed when relevant approvals and decisions are obtained.
The company is also proposing an increase in its authorised share capital, subject to approval by shareholders through a special resolution. The Board approved the proposal during a meeting held on September 25, 2026. Under the proposal, TSBL’s authorised share capital would increase from Rs750 million to Rs1 billion, while the number of ordinary shares with a face value of Rs1 each would rise from 750 million to 1 billion shares.
Following the proposed increase, the relevant provisions of Trust Securities’ Memorandum of Association and Articles of Association would be amended, subject to the required approvals. The matter is scheduled to be placed before shareholders at the company’s Annual General Meeting on Monday, October 26, 2026. The company disseminated the information through a notification to the Pakistan Stock Exchange, covering its proposed virtual asset licensing plans, SPAC initiative and authorised capital increase.
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