Islamabad, 12 December 2025 – Pakistan has signed a memorandum of understanding (MoU) with cryptocurrency exchange Binance to explore the “tokenisation” of up to $2 billion in government assets, the finance ministry announced on Friday.
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The MoU provides a framework for potential collaboration on blockchain-based digital representation of Pakistan’s real-world and sovereign assets, including sovereign bonds, treasury bills, and commodity reserves such as oil, gas, and metals. Tokenisation allows these assets to be digitally traded, potentially improving liquidity, transparency, and access to international markets.
Finance Minister Muhammad Aurangzeb described the MoU as a signal of Pakistan’s reform trajectory and a long-term partnership. Binance founder Changpeng Zhao welcomed the development, calling it “a great signal for the global blockchain industry and for Pakistan.”
Separately, the Pakistan Virtual Assets Regulatory Authority (PVARA) issued no-objection certificates (NOCs) to Binance and HTX, allowing them to begin regulated engagement in the country’s digital asset market. The NOCs follow a formal review process covering governance, compliance, and risk management.
“The introduction of this structured NOC framework demonstrates Pakistan’s commitment to responsible innovation and financial discipline,” the finance minister said. He clarified that the NOCs do not constitute a full operating licence but allow firms to register on the FMU goAML system, engage with the Securities and Exchange Commission of Pakistan (SECP), and submit full virtual asset service provider licence applications.
PVARA Chairman Bilal Bin Saqib described the move as “the beginning of a new chapter for Pakistan’s digital asset ecosystem,” emphasizing consumer protection, financial integrity, and responsible innovation.
With Pakistan ranked third globally in cryptocurrency adoption and an estimated 30–40 million users, annual crypto trading linked to the country is projected to exceed $300 billion. PVARA stressed timely regulation to ensure transparency, governance, and market integrity while promoting structured innovation.
