Binance, HTX NOCs ‘first’ step in regulated crypto framework: PVARA chief
By Commerce Reporter
ISLAMABAD: Bilal bin Saqib, Special Assistant to the Prime Minister for Binance and Crypto and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), clarified that the recent issuance of no-objection certificates (NOCs) to global cryptocurrency exchanges Binance and HTX is not a “blanket approval” but rather the first step in a “risk-mitigated, phased, supervised entry framework” for the crypto market in Pakistan.
Speaking at a press briefing in Islamabad, Bilal outlined Pakistan’s new approach to regulating the digital asset sector, emphasizing that the issuance of the NOCs marks a pivotal step toward creating a regulated, transparent, and globally compliant pathway for crypto exchanges. He stressed that the framework would enable the government to monitor anti-money laundering (AML) measures and counter-terrorism financing (CTF) while promoting informed decision-making in the country’s financial system.
With Pakistan ranked among the world’s top three countries for crypto adoption, Bilal highlighted that an estimated 30 to 40 million Pakistanis are actively engaged with digital assets. He also pointed to the shifting dynamics of the global $100 trillion bond market, which is increasingly embracing digital systems, underscoring the importance of establishing a regulatory framework for digital assets in Pakistan.
Pakistan’s ambition is to become a global model for digital asset regulation, using technology to strengthen its sovereignty and drive the country’s economic future, Bilal added.
In a significant development earlier this week, the Finance Ministry announced that Pakistan had signed a memorandum of understanding (MoU) with Binance to explore the tokenisation of up to $2 billion in the country’s assets. This initiative could involve sovereign bonds, treasury bills, and commodities such as oil, gas, and metals, with the goal of improving liquidity, transparency, and access to international markets.
Binance Founder Changpeng Zhao welcomed the MoU, calling it “a great signal for the global blockchain industry and for Pakistan,” marking the beginning of full deployment for the tokenisation initiative.
PVARA’s issuance of NOCs to Binance and HTX allows the exchanges to engage in Pakistan’s digital asset market under regulatory supervision.
