Pakistan has taken a significant step toward digital finance transformation as the Virtual Assets Regulatory Authority (PVARA) issued No Objection Certificates (NOCs) to Binance and HTX. The approval enables both global platforms to begin formal registration and preparatory activities for asset tokenization and blockchain-based distribution in the country.
According to officials, the NOCs follow detailed reviews of governance standards, compliance systems, and risk-control frameworks conducted in coordination with public-sector stakeholders. The certificates allow Binance and HTX to register with the FMU’s goAML system, initiate engagement with the Securities and Exchange Commission of Pakistan (SECP), establish local subsidiaries, and prepare full licence applications once the regulatory framework is finalized. The approvals are not operational licences but mark the first structured step toward regulated participation.
Finance Minister Senator Muhammad Aurangzeb said the move reflects Pakistan’s commitment to “responsible innovation and financial discipline,” emphasizing that tokenization can foster transparency, efficiency, and new economic opportunities.
As part of its broader digital strategy, PVARA is positioning itself as the world’s first AI-enabled virtual assets regulator. The Authority has introduced an AI-powered application evaluation system, an AI-assisted document review tool, and an automated recruitment portal—technologies that streamline supervision and align Pakistan with advanced global regulatory practices.
Pakistan already ranks third worldwide in crypto adoption, with an estimated 30 to 40 million users. Industry assessments suggest that digital-asset trading linked to the country exceeds USD 300 billion annually. Officials say the new regulatory momentum aims to bring this activity into a structured, compliant environment that supports investor protection and international standards.
PVARA’s early progress indicates clear regulatory intent: rather than delaying oversight, the Authority is moving quickly to establish supervisory presence, enforce AML and CFT expectations, and signal to global markets that Pakistan welcomes innovation—under strong governance, transparent rules, and responsible frameworks.
