Trust Securities & Brokerage Limited (TSBL) said Friday, Sept. 25, it plans to enter Pakistan’s growing virtual-asset sector and explore a series of special purpose acquisition companies, as the brokerage seeks new business opportunities under the country’s evolving financial regulations.
The company disclosed the plans in separate notices to the Pakistan Stock Exchange, saying its board had approved steps to apply for regulatory licenses for virtual-asset services and advised management to move forward with a possible SPAC initiative.
TSBL said it plans to apply to the Pakistan Virtual Assets Regulatory Authority (PVARA), for licenses covering virtual-asset custody, exchanges, transfers and settlement services.
The proposed applications would be made under Pakistan’s Virtual Assets Act and the regulatory system governing virtual-asset service providers, the company said.
TSBL said the move would allow it to explore opportunities in the emerging digital-asset market while operating within the country’s legal and regulatory requirements.
However, the company stressed that it has not started providing any regulated virtual-asset services. It said it will not begin activities requiring official authorization until all necessary licenses and approvals are secured.
PVARA was established as part of Pakistan’s effort to create a formal regulatory structure for the country’s digital-asset industry.
In a separate announcement, TSBL said it is considering plans to launch a series of special purpose acquisition companies, commonly known as SPACs. A SPAC is a company created to raise money through a public listing before using those funds to pursue a merger or acquisition.
TSBL said the proposed plan could allow it to participate in the creation, structuring, public offering and listing of SPACs under Pakistan’s existing regulatory framework.
The board has directed the company to take the required steps and seek additional regulatory approvals and shareholder consent, TSBL said. The company also made clear that the SPAC plan remains at an early stage. No final transaction, public offering, acquisition or merger has been completed or approved, TSBL said. T
