Pakistan has taken a significant step toward establishing a regulated digital asset sector as the Pakistan Virtual Assets Regulatory Authority (PVARA) issued no-objection certificates to the global exchanges Binance and HTX. The clearances allow both companies to begin the process of setting up locally registered subsidiaries while preparing for full licensing once the regulatory framework is completed.

Pakistan Moves Toward a Structured Crypto Framework

PVARA stated that the NOCs are part of a phased approach to building a compliant digital asset ecosystem. The authority emphasised strong governance together with strict adherence to Anti Money Laundering and Countering Financing of Terrorism standards. According to the regulator, these requirements align Pakistan’s emerging crypto sector with expectations set by the Financial Action Task Force.

The introduction of this more consistent licensing structure signals Pakistan’s intention to support innovation while maintaining financial stability. Finance Minister Muhammad Aurangzeb said the new framework shows the country’s commitment to responsible development within the digital asset space.

Binance and HTX Begin Local Engagement

With the NOCs in place, Binance and HTX are now allowed to work with the Securities and Exchange Commission of Pakistan and proceed with the formation of local entities. They will then be able to submit their full licence applications once the official regulations are finalised.

Binance CEO Richard Teng described the clearance as an important moment for the exchange in Pakistan. He confirmed that Binance has secured AML registration from PVARA, which brings the company closer to deeper collaboration and a formal launch of services inside the country.

High Level Meetings with Global Crypto Leaders

Following the approvals, Finance Minister Aurangzeb met with several prominent industry figures. The delegation included Binance co founder Changpeng Zhao and Tron founder Justin Sun, who currently advises HTX globally. The meeting focused on the future of digital assets in Pakistan and the role that leading exchanges could play as the country shapes its regulatory environment.

Local media reported that the finance minister expressed confidence that a more defined licensing pathway will help Pakistan develop a safer and more transparent crypto market. The presence of senior international executives was seen as a signal of strong industry interest in the country’s digital asset ambitions.

Regulatory Progress Guided by Pakistan Crypto Council

PVARA’s latest announcement follows its first board meeting in August, where the authority presented its early licensing blueprint together with proposed taxation models and international cooperation plans. The Pakistan Crypto Council played a substantial role in these developments. The council includes advisers such as Changpeng Zhao.

PVARA Chairman Saqib, who also serves as minister of state for digital assets, urged the government to recognise the long term potential of Bitcoin together with wider blockchain technology. Speaking at the Bitcoin MENA Conference, he stated that these technologies should be viewed as foundational infrastructure for the future rather than short term speculation.

Saqib highlighted that digital assets could strengthen financial systems in regions across the global south by providing more efficient rails for payments and economic participation.