The regulatory landscape in Pakistan is evolving as the Pakistan Virtual Assets Regulatory Authority (PVARA) has taken significant steps towards the licensing of major cryptocurrency exchanges. Recently, PVARA issued no objection certificates (NOCs) to Binance and HTX, allowing these platforms to establish their presence within the country.
This initiative is part of a broader strategy to align with the Anti-Money Laundering (AML) standards mandated by the Financial Action Task Force (FATF). PVARA emphasized that the goal is to create a reliable digital asset environment, highlighting the importance of strong governance and compliance with AML and counter-terrorism financing (CFT) regulations.
With the receipt of the NOCs, Binance and HTX are now positioned to engage with the Securities and Exchange Commission of Pakistan (SECP). They are expected to set up local subsidiaries and prepare applications for full licensing as regulatory frameworks are finalized. “This structured NOC framework illustrates Pakistan”s dedication to fostering responsible innovation and financial discipline,” remarked Pakistan”s Finance Minister Muhammad Aurangzeb in a report.
As part of this development, Aurangzeb met with notable figures in the cryptocurrency space, including Richard Teng, CEO of Binance, and Changpeng “CZ” Zhao, co-founder of Binance, alongside Justin Sun, founder of Tron and adviser to HTX. This engagement marks a significant milestone for Binance in Pakistan, with Teng indicating that the exchange is now closer to achieving full licensing and enhancing local collaboration.
“We are eager to develop a safe, transparent, and future-ready digital asset ecosystem together,” Teng expressed in a post on X, referring to the potential for collaboration in building a robust framework for cryptocurrency operations in Pakistan.
This announcement follows PVARA”s inaugural board meeting held in August, where initial licensing strategies, taxation policies, and international engagement were discussed. The efforts of the Pakistan Crypto Council (PCC), which includes CZ as an adviser, have also contributed to this regulatory progress.
PVARA Chairman Bilal bin Saqib has urged the authorities to recognize Bitcoin (BTC) and blockchain technology as foundational elements for the future financial infrastructure of Pakistan. “We view Bitcoin, digital assets, and blockchain not merely as speculative tools but as critical infrastructure for the global south,” Saqib noted at the recent Bitcoin MENA Conference.
As Pakistan moves forward with its regulatory framework, the advancement of local operations for Binance and HTX could set a precedent for how cryptocurrency exchanges are treated in the region, potentially paving the way for a more structured and compliant digital asset ecosystem.
