Bilal bin Saqib, Special Assistant to the Prime Minister on Binance and Crypto and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), said on Friday that the no-objection certificates (NOCs) issued to global cryptocurrency exchanges Binance and HTX do not amount to blanket approval, but mark the first step in a risk-mitigated, phased and supervised regulatory entry into Pakistan.
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Addressing a press briefing in Islamabad, Bilal said Pakistan has opened, for the first time, a regulated, transparent and globally compliant pathway for international digital asset platforms. He described the issuance of NOCs as a practical move towards establishing a modern regulatory vision for the crypto sector.
He said the newly introduced framework would enable effective oversight of anti-money laundering (AML) and counter-terrorism financing (CTF) measures, stressing that informed and timely decision-making is essential to maintaining financial system integrity.
Bilal noted that Pakistan ranks among the world’s top three crypto-adopting countries, with an estimated 30 to 40 million users actively engaged with digital assets. He added that the global bond market, valued at over $100 trillion, is increasingly shifting towards digital systems, underscoring the need for formal regulation of crypto assets.
He said Pakistan aims to emerge as a global model for digital asset regulation and strengthen its economic sovereignty through technology over the next decade.
Earlier this week, the finance ministry announced that Pakistan had signed a memorandum of understanding with Binance to explore the tokenisation of up to $2 billion in state-owned assets. The ministry said the agreement provides a framework for collaboration on blockchain-based distribution of real-world and sovereign assets.
According to the ministry, the assets under consideration could include sovereign bonds, treasury bills and government-owned commodity reserves such as oil, gas and metals. The initiative, subject to regulatory approvals, aims to improve liquidity, transparency and international market access.
Finance Minister Muhammad Aurangzeb said the MoU reflects Pakistan’s reform-oriented trajectory and signals a long-term partnership. Binance founder Changpeng Zhao called the agreement a positive signal for the global blockchain industry and Pakistan’s digital future.
Separately, PVARA confirmed that NOCs have been issued to Binance and HTX following a formal review process conducted in coordination with public-sector stakeholders. The review focused on governance, compliance, risk management and alignment with emerging regulatory standards.
Aurangzeb said the structured NOC framework demonstrates Pakistan’s commitment to responsible innovation and financial discipline.
PVARA clarified that the NOCs allow the exchanges to register with the Financial Monitoring Unit’s goAML system and engage with the Securities and Exchange Commission of Pakistan (SECP) for local incorporation. Full virtual asset service provider (VASP) licences will be issued only after completion of regulatory requirements. The NOCs do not constitute full operating licences.
Bilal termed the move “the beginning of a new chapter” for Pakistan’s digital asset ecosystem, emphasising that consumer protection, financial integrity and responsible innovation remain central to the regulatory approach.
PVARA estimates that annual crypto trading linked to Pakistan exceeds $300 billion, highlighting the urgency of regulation to ensure transparency, governance and market stability.
Bilal also outlined Pakistan’s digital asset strategy at Bitcoin MENA 2025 earlier this week, where he described digital assets and blockchain as economic infrastructure rather than speculative tools. He highlighted Pakistan’s young demographic profile, with over 70 percent of the population under the age of 30, and said digital assets could transform youth into global technology builders.
