Binance and HTX Given Green Light to Apply for Crypto Licenses in Pakistan

Pakistan grants Binance and HTX approval to seek local crypto licenses, marking a step towards a regulated digital asset market.

Pakistan has granted Binance and HTX the preliminary approval to seek local crypto licenses. This move is a key development as the country works on regulating the cryptocurrency sector.

The Pakistan Virtual Assets Regulatory Authority (PVARA) issued no-objection certificates (NOCs) to the exchanges. This decision paves the way for Binance and HTX to establish local subsidiaries and apply for full licenses.

PVARA’s Role in Regulating Crypto Exchanges

The Pakistan Virtual Assets Regulatory Authority (PVARA) is responsible for regulating digital asset service providers in the country. The issuance of NOCs to Binance and HTX marks an important step in Pakistan’s phased regulatory approach.

These NOCs allow the exchanges to engage with the Securities and Exchange Commission of Pakistan (SECP) and begin setting up local operations. License to br will be granted once all regulatory requirements are met.

PVARA emphasized that the goal is to align the country’s crypto market with international standards. This includes strict compliance with Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) measures.

These efforts are designed to protect investors and ensure the integrity of the financial system.

The regulatory process is ongoing, and further steps will be taken to finalize the legal framework for crypto exchanges. This careful approach is aimed at fostering a secure, transparent digital asset ecosystem in Pakistan.

Pakistan and Binance Sign MoU to Explore Blockchain-Based Asset Tokenization

The Ministry of Finance of Pakistan has signed a Memorandum of Understanding (MoU) with Binance Investments Co., Ltd.

The agreement aims to explore tokenization and blockchain-based distribution of Pakistan’s assets, including government bonds and commodity reserves. The initiative could involve assets worth up to USD 2 billion, enhancing liquidity and transparency.

Under the MoU, Binance will provide technical expertise, advisory support, and capacity building to help Pakistan develop compliant blockchain infrastructure. This collaboration seeks to attract international investors while respecting Pakistan’s regulatory framework.

Finance Minister Muhammad Aurangzeb called the MoU a key step in Pakistan’s reform and innovation.

Binance CEO Changpeng Zhao also expressed confidence in the partnership, which is expected to positively impact Pakistan’s economy. The MoU is non-binding and will move forward after legal and regulatory approvals.

Related Reading:  Binance Leadership Meets Pakistani Officials on Crypto Framework

The Future of Crypto in Pakistan

The approval for Binance and HTX to seek licenses is a significant step in Pakistan’s regulatory process. The country’s authorities are working on finalizing a broader crypto framework, which includes licensing, taxation, and international engagement.

Moreover, these efforts are being supported by the Pakistan Crypto Council (PCC), which helps advise on crypto regulations.

Bilal bin Saqib, PVARA’s Chairman, emphasized the importance of digital assets like Bitcoin for Pakistan’s financial future. He sees blockchain technology as an essential foundation for the country’s financial infrastructure. This view aligns with the government’s desire to integrate digital assets into the economy.

With the NOCs granted, both Binance and HTX can now move forward with their plans to operate in Pakistan. The approval marks the beginning of a regulated and structured crypto market that could bring more global exchanges into the country.