Key Points
- Pakistan issues NOCs to Binance and Huobi (HTX), allowing regulated operations
- First formal crypto regulatory framework focused on compliance and transparency
- Oversight led by Pakistan Virtual Assets Regulatory Authority (PVARA)
- Framework aligned with AML and CTF global standards
- Pakistan ranks among top three countries in crypto adoption with 30–40 million users
- Move aims to boost investor confidence, financial inclusion, and foreign investment
- Signals Pakistan’s intent to be a responsible player in global digital finance
ISLAMABAD: Pakistan has taken a significant step toward integrating digital assets into its formal financial system by issuing no-objection certificates (NOCs) to two leading global cryptocurrency exchanges, Binance and Huobi (HTX), under a newly introduced regulatory framework.
The move marks the first time Pakistan has allowed international crypto platforms to operate within a regulated, transparent, and compliance-driven environment, reflecting a shift from informal adoption to structured oversight of digital assets.
According to Prime Minister’s Special Assistant on Blockchain and Crypto and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), Bilal Bin Saqib, the approvals are part of a phased and risk-mitigated entry model, rather than unrestricted authorization.
“This framework ensures that innovation enters Pakistan in a supervised manner, aligned with global standards on anti-money laundering (AML) and counter-terrorism financing (CTF),” he said.
Pakistan among Top Crypto-Adopting Nations
Pakistan currently ranks among the top three countries globally in crypto adoption, with an estimated 30–40 million users actively engaging in digital assets, according to industry estimates. Despite high adoption, the market has remained largely informal until now, increasing risks related to consumer protection and financial integrity.
The new regulatory approach aims to bridge this gap, enabling authorities to monitor transactions, enhance compliance, and improve decision-making across the financial system.
Preparing for the Future of Digital Finance
Officials emphasize that the framework is designed not only for cryptocurrencies but also for long-term digital finance developments, including: Tokenized real-world assets, Blockchain-based compliance technologies, Advanced blockchain analytics and Digital payment infrastructure.
The initiative also seeks to channel Pakistan’s growing pool of blockchain and fintech talent into regulated and productive sectors, supporting innovation while safeguarding financial stability.
Aligning with Global Financial Trends
With global capital markets increasingly moving toward digitization—including the gradual tokenization of portions of the $100 trillion global bond market—Pakistan’s leadership views early regulation as essential to maintaining competitiveness.
“For the international community, the message is clear: Pakistan is not retreating from innovation,” Bin Saqib said. “We are embracing innovation while ensuring it is responsibly regulated.”
A Signal to Global Markets
The issuance of NOCs to major exchanges sends a strong signal to international investors, fintech firms, and regulatory bodies that Pakistan intends to position itself as a credible and compliant participant in the global digital asset ecosystem.
Analysts say the move could help attract foreign investment, improve financial inclusion, and reduce regulatory uncertainty for crypto users in one of the world’s fastest-growing digital asset markets.
