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Pakistan’s authorities are moving to regulate major global cryptocurrency exchanges, issuing preliminary clearances to platforms including Binance to set up shop in the country.
The Pakistan Virtual Assets Regulatory Authority (PVARA) has granted no objection certificates (NOCs) to Binance and HTX, paving the way for the exchanges to register locally and pursue full licensing, the regulator announced on X on Friday.
The NOCs aim to ensure Pakistan’s phased approach to regulating crypto asset service providers aligns with the Anti-Money Laundering (AML) policies of the Financial Action Task Force (FATF), PVARA said.
“Strong governance, AML and CFT compliance remain central as Pakistan builds a trusted digital asset ecosystem,” the announcement noted.
CZ, Justin Sun meet with Pakistan’s finance minister
After receiving the NOCs, Binance and HTX are officially authorized to engage with the Securities and Exchange Commission of Pakistan (SECP), set up local subsidiaries and prepare their full license applications once regulations are finalized.
“The introduction of this structured NOC framework demonstrates Pakistan’s commitment to responsible innovation and financial discipline,” Pakistan’s Finance Minister Muhammad Aurangzeb said in a local report by ProPakistani.
As part of the initial engagement, Aurangzeb met with Binance CEO Richard Teng, Binance co-founder Changpeng “CZ” Zhao, and Tron founder Justin Sun, who currently serves as a global adviser to HTX.
“A meaningful milestone for Binance in Pakistan,” Binance CEO Teng said in a post on X, adding that the exchange has obtained an AML registration from PVARA, moving it closer to full licensing and deeper local collaboration.
“Looking forward to building a safe, transparent and future-ready digital-asset ecosystem together,” he added.
Related: Coinbase mounts a cautious comeback in India, two years after exit
PVARA’s announcement came months after the authority held its first board meeting in August, proposing an initial licensing framework as well as taxation policies and international engagement.
The authority’s progress was contributed to by the Pakistan Crypto Council (PCC), a regulatory body that lists CZ as one of its advisers.
PVARA Chairman Saqib, who serves as the minister of state for digital assets, has urged the country’s authorities to take Bitcoin (BTC) and blockchain seriously as potential foundations for Pakistan’s future financial infrastructure.
“We see Bitcoin, digital assets, and blockchain not just as speculation but as infrastructure. Not as noise, but as a foundation of a new financial rail for the global south,” Saqib stated at the Bitcoin MENA Conference on Tuesday.
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