Pakistan has granted permission to crypto exchanges Binance and HTX to establish local branches, while regulators are currently developing a phased crypto framework.
Pakistan’s government is working to control key global cryptocurrency exchanges. They have given preliminary approvals to platforms like Binance to open in the country.
On Friday, the Pakistan Virtual Assets Regulatory Authority (PVARA) said on X that it has given Binance and HTX no objection certificates (NOCs). This means that the exchanges can now register in Pakistan and apply for full license.
PVARA added that the NOCs are meant to make sure that Pakistan’s gradual approach to regulating crypto asset service providers is in line with the Financial Action Task Force’s (FATF) Anti-Money Laundering (AML) standards.
The release said, “Strong governance, AML, and CFT compliance are still important as Pakistan builds a trusted digital asset ecosystem.”
Steps toward full licensing and local partnerships
Binance and HTX can officially talk to the Securities and Exchange Commission of Pakistan (SECP), establish up local branches, and get ready to apply for their complete licenses once the rules are set.
Pakistan’s Finance Minister Muhammad Aurangzeb remarked in a local report by ProPakistani, “The introduction of this structured NOC framework shows Pakistan’s commitment to responsible innovation and financial discipline.”
As part of the first meeting, Aurangzeb met with Richard Teng, the CEO of Binance, Changpeng “CZ” Zhao, one of the company’s co-founders, and Justin Sun, the founder of Tron, who is now a worldwide consultant to HTX.
Binance CEO Teng wrote on X that this is “a meaningful milestone for Binance in Pakistan.” He also claimed that the exchange has gotten an AML registration from PVARA, which brings it closer to full license and further partnership with Pakistani businesses.
Pakistan’s vision for digital assets and blockchain
PVARA’s statement comes months after the authority held its inaugural board meeting in August, where it suggested an initial licensing structure, tax policies, and international involvement.
The Pakistan Crypto Council (PCC), a regulatory group that cites CZ as one of its consultants, helped the authority make headway.
Saqib, the chairman of PVARA and the minister of state for digital assets, has asked the government to consider Bitcoin BTC$92,318 and blockchain seriously as possible building blocks for Pakistan’s future financial system.
We don’t simply see Bitcoin, digital assets, and blockchain as things to bet on; we see them as infrastructure. Saqib said at the Bitcoin MENA Conference on Tuesday, “Not as noise, but as the foundation of a new financial rail for the global south.