ISLAMABAD (Dunya News) – Pakistan has taken a historic step in formalising its digital asset market, issuing no objection certificates (NOCs) to global cryptocurrency platforms Binance and HTX.
The move allows the firms to begin regulated engagement in Pakistan under a structured framework designed to ensure governance, compliance, risk management, and alignment with emerging regulatory standards.
The NOCs were issued by the Pakistan Virtual Assets Regulatory Authority (PVARA) after a comprehensive review involving public-sector stakeholders. The process focused on establishing a framework that balances innovation with financial discipline and consumer protection. PVARA Chairman Bilal Bin Saqib, present at the signing, described the development as “the beginning of a new chapter for Pakistan’s digital asset ecosystem,” adding that it lays the foundation for a fully licenced and regulated environment prioritising market integrity and responsible innovation.
Structured NOC framework
The certificates enable Binance and HTX to register on the Financial Monitoring Unit’s goAML system, coordinate with the Securities and Exchange Commission of Pakistan (SECP) for subsidiary incorporation, submit full Virtual Asset Service Provider (VASP) licence applications, and provide anti-money laundering (AML)-compliant services following registration. Finance Minister Muhammad Aurangzeb emphasised that the structured NOC framework “reflects Pakistan’s commitment to responsible innovation and financial discipline.”
Pakistan takes a decisive step toward a regulated digital asset future. Pakistan Virtual Assets Regulatory Authority (PVARA) has issued NOCs to Binance and HTX, launching a phased, FATF-aligned pathway toward full licensing. Strong governance, AML and CFT compliance remain… pic.twitter.com/jSk6JTqvFt
— Pakistan Virtual Assets Regulatory Authority (@PakistanVARA) December 12, 2025While the NOCs permit preliminary engagement in Pakistan’s digital asset market, they do not constitute full operating licences. According to PVARA, timely regulation will ensure transparency, governance, and market integrity while signalling Pakistan’s openness to innovation under structured rules.
Pakistan ranks third globally in cryptocurrency adoption, with an estimated 30-40 million users, and annual trading linked to the country is projected to exceed $300 billion. The government has stressed that the development marks the start of a regulated environment that protects consumers while encouraging financial technology growth.
$2 billion tokenisation MoU
In a parallel development, the Ministry of Finance signed a Memorandum of Understanding (MoU) with Binance to explore blockchain-based tokenisation and distribution of up to $2 billion in sovereign and real-world assets. The MoU was signed at the Finance Division, Islamabad, by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb and PVARA Chairman Bilal Bin Saqib, with Richard Teng, CEO of Binance, and Binance founder Changpeng Zhao (CZ) in attendance.
The tokenisation initiative could include government bonds, treasury bills, and commodity reserves such as oil, gas, metals, and other federally owned assets. Tokenisation creates digital representations of physical or financial assets, potentially enhancing liquidity, transparency, and international market accessibility.
In a significant step towards leveraging emerging financial technologies to strengthen Pakistan’s capital markets and enhance global investor access, the Ministry of Finance, Government of Pakistan, today signed a Memorandum of Understanding (MoU) with Binance Investments Co.,… pic.twitter.com/XXc0h8jJK1
— Ministry of Finance, Government of Pakistan (@Financegovpk) December 12, 2025Finance Minister Aurangzeb described the MoU as a “strong signal of Pakistan’s reform trajectory” and a “long-term partnership” with the blockchain sector. He said, “This is a very strong message – not only for Pakistan, but for the entire world. From where we started to moving towards operationalisation, this progress could not have happened without active guidance and leadership. The next step for us is execution, and we are fully committed to delivering results with speed and quality.”
Binance founder Changpeng Zhao hailed the agreement as a “landmark development for Pakistan’s future,” stating, “This is a great signal for the global blockchain industry and for Pakistan. It has a very big impact on the country’s future and its technology-driven generation. This is the beginning… now we can move towards full deployment and execution. We are honoured to work with Pakistan’s leadership and are confident this collaboration will deliver positive and lasting outcomes for the economy.”
The MoU is non-binding and serves as a framework for exploring feasibility, with definitive agreements, if any, to be negotiated within six months and subject to legal, regulatory, and policy approvals. Any future arrangement will be governed by Pakistani law and does not constitute exclusivity or procurement commitment.
Future outlook
The dual move of issuing NOCs and signing the MoU marks a milestone in Pakistan’s efforts to integrate digital asset technologies into its financial ecosystem. PVARA emphasised that structured, timely regulation will safeguard governance, transparency, and financial integrity while promoting responsible financial innovation. With Pakistan actively engaging global blockchain leaders, the country is positioning itself as a key player in the digital asset economy while ensuring compliance with international standards.