The authorities in Pakistan are taking steps to regulate major global cryptocurrency exchanges, granting preliminary approvals to platforms including Binance to establish a presence in the country.
The Pakistan Virtual Assets Regulatory Authority (PVARA) has issued no objection certificates (NOCs) to Binance and HTX, allowing the exchanges to register locally and seek full licensing, as the regulator announced on X on Friday.
The NOCs are intended to align Pakistan’s phased regulation of crypto asset service providers with the Anti-Money Laundering (AML) policies of the Financial Action Task Force (FATF), according to PVARA.
“Strong governance, AML, and CFT compliance are crucial as Pakistan develops a trustworthy digital asset ecosystem,” the announcement emphasized.
CZ, Justin Sun meet with Pakistan’s finance minister
With the granting of NOCs, Binance and HTX are now entitled to interact with the Securities and Exchange Commission of Pakistan (SECP), establish local subsidiaries, and prepare their full license applications once the regulations are finalized.
“The introduction of this structured NOC framework reflects Pakistan’s dedication to responsible innovation and financial discipline,” remarked Muhammad Aurangzeb, Pakistan’s Finance Minister, in a local report by ProPakistani said.
During the initial discussions, Aurangzeb met with Binance CEO Richard Teng, co-founder Changpeng “CZ” Zhao, and Tron founder Justin Sun, who serves as a global adviser to HTX.
“A significant milestone for Binance in Pakistan,” Binance CEO Teng stated in a post on X, highlighting that the exchange has received AML registration from PVARA, moving closer to full licensing and deeper local collaboration.
“Eager to develop a safe, transparent, and future-ready digital asset ecosystem together,” he added.
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PVARA’s announcement comes months after the authority held its inaugural board meeting in August, suggesting an initial licensing framework along with taxation policies and international outreach.
The progress of the authority has been supported by the Pakistan Crypto Council (PCC), a regulatory body that recognizes CZ as one of its advisers.
PVARA Chairman Saqib, serving as the minister of state for digital assets, has called on the country’s authorities to seriously consider Bitcoin (BTC) and blockchain as possible cornerstones for Pakistan’s future financial system.
“We view Bitcoin, digital assets, and blockchain not merely as speculative assets but as infrastructure. Not background noise, but the foundation for a new financial framework for the global south,” Saqib declared at the Bitcoin MENA Conference on Tuesday.
