Pakistan’s virtual assets regulator has approved Binance
$7.51B
and HTX to begin formal steps toward full licensing in the country.
According to an announcement posted on X on December 12, the Pakistan Virtual Assets Regulatory Authority (PVARA) granted No Objection Certificates (NOCs) after assessing the platforms’ governance, risk management, and compliance systems.
These certificates enable registration in the anti‑money‑laundering system, application to establish local subsidiaries, and preparation of complete license submissions when the regulatory framework is finalized.
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Notably, these approvals do not represent operating licenses.
Approval came alongside a memorandum of understanding with Binance, which allows the exploration of tokenizing up to $2 billion of Pakistan’s sovereign holdings, such as bonds, treasury bills, and commodity reserves, to boost liquidity and international market access.
Finance Minister Muhammad Aurangzeb told ProPakistani, a local news outlet, that the agreement signals Pakistan’s path toward reform, while PVARA Chair Bilal bin Saqib described the initial clearance as the starting point in a phased licensing process.
Pakistan is accelerating its digital finance transformation through the launch of the Pakistan Crypto Council, formation of PVARA, and plans to introduce a central bank digital currency pilot and the Virtual Assets Act in 2025.
The Office of the Comptroller of the Currency (OCC) released a letter on December 9 that clarifies the role national banks may play in crypto trading. What does the letter say? Read the full story.
