The Pakistan Virtual Assets Regulatory Authority (PVARA) has clarified that the no-objection certificates (NOCs) issued to global cryptocurrency exchanges Binance and HTX are not blanket approvals, but represent the first phase of a risk-mitigated, supervised regulatory framework.
Chairman Bilal Bin Saqib stated that the clearances, granted on Friday, allow the exchanges to register local subsidiaries, integrate with the Anti-Money Laundering system, and prepare full licence applications. He emphasized that this step marks the foundation of a long-term regulatory process, ensuring that cryptocurrency platforms comply with Pakistani law before commencing operations.
The PVARA framework focuses on three key pillars: preventing money laundering and terrorism financing, ensuring transparency and fitness checks for ownership, and establishing clear licensing timelines. “No platform will be allowed entry without disclosures and verification,” Saqib said, highlighting the controlled approach to integrating digital assets into the domestic economy.
Saqib noted that Pakistan ranks among the world’s top three countries in cryptocurrency adoption, with 30–40 million users currently operating without a regulatory framework. “Our youth is world class. But are our systems and regulations world class?” he asked, stressing the need for structured policy to convert users into builders and global experts.
The PVARA chairman further clarified that the government’s objective is to regulate rather than promote cryptocurrency. Early regulation, he explained, will attract capital, provide legal pathways for digital talent, and strengthen the domestic fintech ecosystem.
Highlighting the “Pakistan-first” approach, Saqib said the framework aims to prepare the country for future industries in 2025 and 2035, fostering sovereignty and economic growth through technology. International investment is welcome, provided companies adhere to local rules and create domestic opportunities.
Regarding the NOCs for Binance and HTX, Saqib emphasized that these clearances are merely the starting point in a phased regulatory journey. “This is not our destination. This is the foundation of a building that you have to construct. Pakistan’s future should not be imports. It should be built here, by your hands,” he said.
The PVARA’s phased and supervised entry framework reflects a strategic approach to managing growth, attracting capital, and safely integrating digital assets into Pakistan’s financial system while ensuring robust compliance, transparency, and investor protection.
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