Important points
- Pakistan’s Crypto Asset Regulatory Authority has granted no-objection certificates to Binance and HTX.
- This paves the way for exchanges to begin preparatory activities.
The Pakistan Virtual Assets Regulatory Authority (PVARA) has issued No Objection Certificates (NOCs) to Binance and HTX, establishing a gradual path to full license in line with Financial Action Task Force standards.
Tron founder Justin Sun and Binance founder Qiao Changpeng attended a ceremony celebrating a regulatory milestone for Pakistan’s cryptocurrency exchange.
PVARA said the NOC was granted following a multi-agency review that assessed the exchange’s governance, compliance systems, risk management controls and alignment with the Pakistan Development Regulations for Virtual Asset Service Providers.
Pakistan is moving towards introducing a formal licensing regime for crypto companies to address illicit financial risks, strengthen regulatory oversight and support blockchain-based financial innovation, officials said. Finance Minister Muhammad Aurangzeb said the new framework reflects Pakistan’s commitment to responsible innovation and fiscal discipline.
The regulator said that while the NOC does not constitute a full operating license, it does allow Binance and HTX to operate under the prescribed regulatory oversight during the preparation of the license.
The approval will allow companies to register with the Financial Supervisory Authority’s goAML anti-money laundering platform, work with the country’s securities regulators on establishing local entities, and prepare VASP license applications once regulations are issued.
The move comes days after Prime Minister Shehbaz Sharif met Binance CEO Richard Teng in Islamabad to discuss digital asset regulation.
