Islamabad: The Pakistan Virtual Assets Regulatory Authority (PVARA) has issued No Objection Certificates (NOCs) to global cryptocurrency platforms Binance and HTX as part of a structured, phased approach to regulating virtual asset service providers in Pakistan. The announcement was made on Monday through a notice detailing the scope and purpose of the NOCs.
PVARA stated that the NOCs were granted following a formal review in coordination with relevant public-sector bodies. The assessment considered governance structures, compliance systems, risk management controls, and alignment with Pakistan’s evolving regulatory framework for virtual asset activities.
The authority clarified that the NOCs do not constitute operating licences. Instead, they allow Binance and HTX to carry out limited preparatory and engagement activities under regulatory oversight. These activities include registering as reporting entities on the Financial Monitoring Unit’s goAML system, engaging with the Securities and Exchange Commission of Pakistan to incorporate local subsidiaries, preparing and submitting full virtual asset service provider licence applications once regulations are notified, and providing AML-registered services after goAML registration.
PVARA described the move as a risk-based, phased approach aimed at fostering innovation while maintaining market integrity, consumer protection, and financial stability. Finance Minister Senator Muhammad Aurangzeb said the framework reflects Pakistan’s commitment to responsible innovation and financial discipline.
The authority is also advancing digital oversight tools, including AI-based systems for application evaluation, recruitment processes, and regulatory document review, to enhance supervisory efficiency and align with global standards.
Chairman PVARA Bilal Bin Saqib noted that the issuance of NOCs represents an initial step toward a fully licensed and regulated digital asset ecosystem in Pakistan, emphasizing transparency, governance, and risk management. He added that the framework reinforces compliance with FATF standards and strengthens anti-money laundering (AML) and counter-terrorism financing safeguards.
According to industry estimates, Pakistan has between 30 and 40 million cryptocurrency users, with annual digital asset trading activity linked to the country exceeding $300 billion. PVARA has stated that it will continue issuing guidance on licensing standards, compliance obligations, and supervisory expectations as subsequent phases of the regulatory framework are rolled out.
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