ISLAMABAD – The Pakistan Virtual Assets Regulatory Authority (PVARA) has issued a No Objection Certificate (NOC) to Binance and HTX to begin initial preparatory and consultation activities.
The Pakistan Crypto Council, in a statement, said the NOCs were granted following joint consultations and a formal review process with the institutions, although it does not serve as a full operating license.
Finance Minister Muhammad Aurangzeb stated that the NOC framework is a testament to the commitment to financial discipline and responsible innovation, while PVARA is becoming the world’s first AI-driven virtual assets regulatory authority.
The authority has introduced an evaluation system, recruitment portal, and AI-assisted tools, enhancing its monitoring capabilities.
Pakistan Crypto Council Chairman Bilal Bin Saqib stated that the issuance of the NOC is a first step toward a fully licensed and regulated environment, which will promote consumer protection, financial transparency, and responsible innovation.
Pakistan ranks third in the world in terms of crypto adoption, with 30 to 40 million users and an annual digital asset trading volume exceeding $300 billion.
PVARA’s oversight will ensure high standards of transparency, governance, and risk management in the market.
Earlier, the Ministry of Finance and Binance Investments Company Limited have signed a Memorandum of Understanding (MoU), which aimed to leveraging emerging financial technologies to strengthen Pakistan’s capital markets and enhance global investor access.
The MoU was signed by the Minister for Finance and Revenue, Senator Muhammad Aurangzeb and Richard Teng, Chief Executive Officer of Binance. Changpeng Zhao, Adviser to the Pakistan Crypto Council was also presented on the occasion, said a press release.
The MoU establishes a framework for exploring potential collaboration on the tokenisation and blockchain-based distribution of Pakistan’s real-world and sovereign assets, including government bonds, treasury bills, commodity reserves and other federally owned assets.
Subject to applicable laws, policies and regulatory approvals, the initiative may involve assets of up to $ 2 billion, with the objective of enhancing liquidity, transparency and international market accessibility.
Under the proposed arrangement, Binance and/or its affiliates may provide technical expertise, advisory support, training and capacity building to enable Pakistan to assess modern, compliant blockchain infrastructure.
The collaboration aims to explore secure and transparent digital platforms that could facilitate broader participation by international investors, while fully respecting Pakistan’s regulatory framework and sovereign control.
