ISLAMABAD:Pakistan’s Virtual Assets Regulatory Authority (PVARA) has issued No Objection Certificates (NOCs) to Binance and HTX. According to the Pakistan Crypto Council’s statement, these NOCs were granted after joint consultations and formal review processes with the entities.
The announcement stated that Binance and HTX are now authorized to commence initial preparations and advisory activities in Pakistan. However, it is important to note that this NOC does not constitute a full operational license.
Finance Minister Muhammad Ehsan Malik commented that the issuance of the NOC framework demonstrates Pakistan’s commitment to financial discipline and responsible innovation. He added that PVARA is set to become the world’s first AI-driven virtual assets regulatory authority. The authority has introduced evaluation systems, a recruitment portal, and AI-assisted tools, which have enhanced oversight capabilities.
He further mentioned that PVARA will continue engaging with both domestic and international stakeholders to advance the next phases of the regulatory framework.
Bilal Bin Saqib, Chairman of Pakistan Virtual Assets Regulatory Authority, stated that the issuance of the NOC is a significant first step toward establishing a fully licensed and regulated environment. This move aims to ensure consumer protection, financial transparency, and responsible innovation. He emphasized that every company operating in Pakistan’s digital market must meet the highest standards of governance, transparency, and risk management.
Pakistan ranks third globally in terms of cryptocurrency adoption, with approximately 30 to 40 million users. The annual volume of digital asset trading linked to Pakistan exceeds $300 billion.
