The Pakistan Virtual Assets Regulatory Authority (PVARA) said on Sunday that no-objection certificates issued to Binance and HTX are not blanket approvals, but the first step in a phased, risk-mitigated framework for cryptocurrency regulation.
Chairman Bilal Bin Saqib said the clearances, granted on Friday, allow the exchanges to register local subsidiaries, connect with the Anti-Money Laundering system, and prepare full licence applications. He described the step as the foundation of a long-term regulatory process.
Saqib said the framework focuses on three core areas: preventing money laundering and terrorism financing, ensuring ownership transparency and fitness checks, and establishing licensing timelines. “No platform will be allowed entry without disclosures and verification,” he said.
The PVARA chairman said licensing would proceed only after entities fully comply with Pakistani law and oversight. He noted that global financial centres have also adopted phased approaches for emerging industries.
Highlighting local adoption, Saqib said Pakistan ranks among the world’s top three countries in crypto use, with 30 to 40 million users operating without a regulatory framework. “Our youth is world class. But are our systems and regulations world class?” he said, stressing the need for structured policy.
He said the government aims to regulate, not promote, crypto. Early regulation, he added, would attract capital, provide legal pathways for digital talent, and help youth evolve from consumers into builders and global experts.
Saqib said Pakistan’s large, tech-savvy population and fast-growing digital adoption present an opportunity to build the sector domestically. The framework also prepares the country for the “industries of 2025 and 2035” and strengthens sovereignty and the economy through technology.
Concluding, he said Pakistan is open to international investment in digital assets, provided companies follow local rules, operate under the “Pakistan-first” approach, and create 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 a controlled entry point under a long-term regulatory framework designed to manage growth, attract capital, and integrate digital assets safely into Pakistan’s economy.
