ISLAMABAD: Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal bin Saqib said that the No Objection Certificates (NOCs) issued to global cryptocurrency exchanges Binance and HTX were not a “blanket approval” but the first step under a “risk-mitigated, phased, supervised entry framework”.
Addressing a news conference on Sunday, he said that the issuance of the NOCs to Binance and HTX represents a practical step toward a new regulatory vision. He said the newly introduced framework will enable effective monitoring of anti-money laundering measures and counter-terrorism financing.
He said the move marked Pakistan’s first attempt to create a regulated, transparent and internationally compliant pathway for global cryptocurrency exchanges, calling it a cautious step towards formalising the digital asset sector.
Saqib to represent Pakistan at 2 global digital asset forums
He said the newly introduced framework would allow authorities to closely monitor compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) requirements, stressing that timely, informed and data-driven decision-making within the financial system was critical to safeguarding national interests.
Pakistan ranks among the world’s top three countries for cryptocurrency adoption, with an estimated 30 to 40 million users, Bilal said. He added that the shift of the $100 trillion global bond market towards digital systems underscored the need for countries like Pakistan to regulate crypto assets rather than remain outside the system.
Bilal said the government aims to position Pakistan as a global model for digital asset regulation and strengthen economic sovereignty through technology-driven reforms over the coming decade.
Separately, the finance ministry said earlier this week that Pakistan had signed a memorandum of understanding (MoU) with Binance to explore the tokenisation of up to $2 billion in assets. The MoU provides a framework for collaboration on the tokenisation and blockchain-based distribution of Pakistan’s real-world and sovereign assets, the ministry said.
Copyright Business Recorder, 2025
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