Pakistan’s Virtual Assets Regulatory Authority (PVARA) has issued No Objection Certificates (NOCs) to Binance and HTX, allowing them to begin preparatory steps toward operating in the country, though not yet granting full licenses. The NOCs permit activities such as AML registration, coordination with regulators, and setting up local entities under a phased, FATF-aligned licensing framework.

The move supports Pakistan’s shift toward formal oversight of digital assets and includes plans for tokenizing government bonds, treasury bills, and select commodity reserves to boost liquidity via blockchain. Authorities reviewed governance, risk management, and compliance systems before approval and are working with local payment firms and regulators to expand regulated crypto access.

With Pakistan ranking third globally in retail crypto activity, officials aim to introduce a Virtual Assets Act, explore a central bank digital currency, and strengthen stablecoin oversight. Full market operations by Binance and HTX will depend on meeting licensing requirements and future regulatory implementation.