PVARA grants NOCs to Binance and HTX
REGULATED VIRTUAL ASSET MARKET
PSMU Desk
ISLAMABAD: The Pakistan Virtual Assets Regulatory Authority (PVARA) has granted No Objection Certificates (NOCs) to global cryptocurrency platforms Binance and HTX, marking a significant step towards the formal regulation of virtual assets in the country. This decision, announced today through a press statement, is part of Pakistan’s broader effort to create a compliant and structured framework for virtual asset service providers (VASPs).
The NOCs were issued following a comprehensive review process conducted by PVARA in collaboration with key public-sector stakeholders. The evaluation focused on the governance structures, compliance mechanisms, risk management controls, and alignment of both platforms with Pakistan’s emerging regulatory standards for virtual assets.
Although the NOCs do not grant full operating licenses, they allow Binance and HTX to engage in preparatory activities within Pakistan. This includes initiating registration on the Financial Monitoring Unit’s (FMU) goAML system as reporting entities, engaging with the Securities and Exchange Commission of Pakistan (SECP), and submitting applications for full VASP licenses.
“This marks an important milestone in Pakistan’s commitment to responsible innovation in the digital assets space,” said Senator Muhammad Aurangzeb, Finance Minister of Pakistan. “The introduction of the structured NOC framework demonstrates our focus on financial discipline and market integrity.”
PVARA’s phased, risk-based approach to regulating the virtual asset sector aligns with global best practices. As part of its digital transformation, PVARA has become the world’s first AI-enabled virtual assets regulatory authority. The Authority has already deployed an AI-powered application evaluation system and other AI-assisted tools, enhancing its supervisory capabilities.
Bilal Bin Saqib, Chairman of PVARA, emphasized, “The issuance of these NOCs is the first step towards a fully licensed and regulated virtual asset environment. It reflects our commitment to consumer protection, financial stability, and responsible innovation.”
The move comes at a time when Pakistan ranks third globally in cryptocurrency adoption, with an estimated 30 to 40 million users. Industry reports suggest that annual digital asset trading activity related to Pakistan exceeds $300 billion.
With this decision, PVARA has signaled its intent to establish a clear and robust regulatory presence in Pakistan’s digital asset ecosystem, ensuring compliance with FATF standards and reinforcing safeguards against money laundering and terrorism financing. The Authority also aims to foster responsible innovation while ensuring transparency, governance, and risk management at the highest standards.
PVARA will continue to engage with domestic and international stakeholders as it works toward further developing its regulatory framework and issuing additional guidance on licensing standards, compliance obligations, and supervisory expectations for VASPs.
The regulatory framework not only aims to bring Pakistan’s virtual asset market into a transparent and internationally aligned environment but also positions the country as a forward-thinking hub for responsible digital asset innovation.
