Pakistan crypto framework advances as Binance and HTX secure initial regulatory green light

Regulatory momentum for crypto in Pakistan is building as authorities grant initial approvals to two major international exchanges, Binance and HTX, planning local operations.

Binance and HTX obtain preliminary approval from Pakistan regulator

The Pakistan Virtual Assets Regulatory Authority (PVARA) has granted initial clearance for Binance and HTX to begin the process of full licensing in Pakistan, the authority announced on Friday. However, these early approvals mark only the first step toward becoming fully licensed platforms in the country.

PVARA issued formal No Objection Certificates (NOCs) to both cryptocurrency platforms after evaluating their governance structures, compliance frameworks, and risk management systems. Moreover, the authority stressed that this assessment focused on internal controls designed to meet global regulatory expectations.

These clearances allow the companies to register on the national anti-money-laundering system, establish a regulated local subsidiary setup, and begin preparing complete license applications once Pakistan finalizes its detailed crypto regulations. However, PVARA made clear that the NOCs “do not constitute a full operating license” and do not yet permit full commercial launch.

PVARA outlines phased approach to crypto licensing

PVARA Chair Bilal bin Saqib described the newly issued certificates as “the beginning of a new chapter” for digital assets in Pakistan. He emphasized that only well-governed and fully compliant platforms will advance through the phased licensing process, which is designed to align with international standards.

The phased framework, he noted, will track global anti-money-laundering and counter-terrorist-financing benchmarks as authorities supervise each crypto exchange licensing pakistan application. That said, the regulator intends to balance innovation with investor protection and financial stability as more platforms seek access to the local market.

The initial NOCs also support broader virtual assets regulatory authority goals, including greater transparency and centralized oversight of exchanges serving Pakistani users. As a result, the country aims to bring more digital asset activity into formal channels rather than leaving it in unregulated or offshore platforms.

Government highlights commitment to responsible innovation

Finance Minister Muhammad Aurangzeb welcomed the PVARA initiative, saying in an official statement that “the introduction of this structured NOC framework demonstrates Pakistan’s commitment to responsible innovation and financial discipline.” Moreover, he positioned the move as part of a wider strategy to modernize the financial sector.

Authorities expect that the framework for pakistan crypto regulation will support both consumer protection and capital formation, while also reinforcing tax compliance. However, full details of the licensing regime, including capital requirements and ongoing supervision, are still to be finalized before exchanges can obtain operating licenses.

Pakistan’s steps come as other jurisdictions, including the United Arab Emirates, Japan, and several parts of the European Union, roll out or expand formal licensing systems for cryptocurrency trading platforms. This convergence suggests that regulatory oversight of cross-border digital asset activity will continue to tighten in 2024 and beyond.

Pakistan positions itself within global crypto regulation trend

By moving ahead with Binance no objection certificate approvals and similar documentation for HTX, Pakistan is signaling its intention to integrate more closely with international best practices. However, authorities appear determined to avoid the regulatory gaps that previously allowed opaque platforms to operate without clear accountability.

The combination of NOCs, anti-money-laundering controls, and future licensing rules is expected to shape how global exchanges structure their presence in Pakistan. In summary, the current phase marks an important but carefully controlled step toward a regulated digital asset ecosystem under PVARA’s supervision.