The Pakistan Virtual Assets Regulatory Authority (PVARA) has clarified that the no-objection certificates (NOCs) issued to cryptocurrency exchanges Binance and HTX are not blanket approvals, but represent the first stage in a phased, risk-managed regulatory framework for digital assets. The move is part of the authority’s broader strategy to regulate the cryptocurrency sector while mitigating potential financial and operational risks.
PVARA Chairman Bilal Bin Saqib stated that the clearances, granted on Friday, allow Binance and HTX to establish local subsidiaries, integrate with the country’s Anti-Money Laundering (AML) systems, and prepare full license applications. He described the step as foundational to a long-term regulatory process that ensures structured market entry while safeguarding financial integrity.
According to Saqib, the regulatory framework focuses on three core areas: preventing money laundering and terrorism financing, ensuring transparency in ownership and conducting fitness checks on operators, and establishing clear timelines for licensing. “No platform will be allowed entry without full disclosures and verification,” he emphasized.
The PVARA chairman clarified that licensing will only proceed once entities fully comply with Pakistani law and regulatory oversight requirements. He noted that leading global financial centers have also adopted phased approaches for emerging industries, balancing growth opportunities with risk mitigation.
Highlighting local adoption trends, Saqib pointed out that Pakistan ranks among the world’s top three countries in cryptocurrency use, with an estimated 30 to 40 million users operating without a formal regulatory framework. “Our youth is world class. But are our systems and regulations world class?” he questioned, underscoring the need for structured policy to guide the sector.
Saab emphasized that the government’s objective is to regulate, not promote, crypto. He added that early regulation would attract capital, provide legal pathways for digital talent, and enable youth to transition from consumers to creators and global industry experts.
He also noted that Pakistan’s large, tech-savvy population, combined with rapid digital adoption, provides an opportunity to build a domestic crypto ecosystem. The framework is designed to prepare the country for the “industries of 2025 and 2035” while strengthening technological sovereignty and contributing to broader economic growth.
Concluding his remarks, Saqib highlighted that Pakistan is open to international investment in digital assets, provided companies adhere to local laws, operate under a “Pakistan-first” approach, and generate domestic opportunities. “Pakistan’s future should not be imports. It should be built here, by your hands,” he said.
The statement positions Binance and HTX’s NOCs as controlled entry points within a phased regulatory roadmap, aimed at managing sector growth, attracting investment, and integrating digital assets safely into Pakistan’s economy while ensuring compliance, transparency, and risk mitigation.
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