- Pakistan approves Binance and HTX to register local subsidiaries under new crypto regulations.
- The NOCs allow exchanges to start licensing and follow AML and CFT compliance rules.
- Pakistan views digital assets as financial infrastructure and plans a central bank digital currency.
Pakistan has granted preliminary approval to global cryptocurrency exchanges Binance and HTX to register local subsidiaries. The Pakistan Virtual Assets Regulatory Authority (PVARA) issued no-objection certificates (NOCs) for both exchanges. These certificates are the first step toward full licensing.
The approval allows Binance and HTX to engage with the Securities and Exchange Commission of Pakistan (SECP). Both exchanges can start formal procedures to operate under Pakistan’s emerging regulatory framework. PVARA emphasized that this move aligns with the Financial Action Task Force’s Anti-Money Laundering (AML) policies.
Regulatory Framework and Compliance
The NOCs are part of Pakistan’s phased approach to regulating crypto service providers. The framework puts more emphasis on governance, Anti-Money-Laundering and Counter-Terrorist Financing (CFT) compliance. Governments want to establish a trusted digital asset system with minimum financial risks.
Once the certificates are issued, Binance and HTX will be able to build local offices and file complete licensing applications following the development of the rules. The Finance Ministry highlighted that the step demonstrates support for structured innovation and financial discipline.
Early Engagement with International Crypto Firms
Finance officials held meetings with Binance CEO Richard Teng, co-founder Changpeng Zhao, and HTX adviser Justin Sun. These consultations focused on aligning local regulations with global standards. The exchanges have already obtained AML registration, marking progress toward full licensing.
This early engagement reflects growing cooperation between Pakistan and major international crypto platforms. PVARA’s progress follows its first board meeting in August, where initial licensing, taxation, and international engagement policies were discussed. In September, Pakistan invited global crypto firms to apply for licenses under its new regulatory authority, PVARA. The Pakistan Crypto Council also contributed to regulatory planning, with Zhao listed as an adviser. Pakistan created the Crypto Council to manage blockchain and digital assets in the economy.
Vision for Digital Assets in Pakistan
PVARA leadership stresses the long-term potential of Bitcoin, blockchain, and digital assets. Authorities view them as foundational infrastructure, not mere speculative tools. Pakistan is positioning digital assets as part of its broader financial strategy for the global south.
The country is now the third-largest crypto market by retail activity. Plans are underway to launch a central bank digital currency pilot and introduce a Virtual Assets Act in 2025. Officials intend to combine strong governance with innovative financial solutions to ensure transparency and security in the sector.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed