By Ariba Shahid
KARACHI, Dec 12 (Reuters) – Pakistan has given initial clearance for Binance, one of the world’s largest crypto exchanges, and HTX, a digital-asset platform, to register with regulators, set up local subsidiaries and begin preparing full exchange licence applications, the virtual assets authority said on Friday.
The move comes as jurisdictions such as the United Arab Emirates, Japan and parts of the European Union expand formal licensing rules for crypto exchanges amid broader global regulatory tightening.
The Pakistan Virtual Assets Regulatory Authority (PVARA) said it had issued No Objection Certificates (NOCs) after reviewing the platforms’ governance, compliance and risk controls.
The clearances “do not constitute a full operating license” but let Binance and HTX register on the anti-money-laundering system, incorporate regulated local units and ready full licence applications once regulations are issued.
PVARA Chair Bilal bin Saqib said the NOCs marked “the beginning of a new chapter” and that only well-governed, fully compliant platforms would advance toward licensing under a phased approach aligned with global anti-money-laundering and counter-terror financing standards.
“The introduction of this structured NOC framework demonstrates Pakistan’s commitment to responsible innovation and financial discipline,” Finance Minister Muhammad Aurangzeb said in a statement.
Pakistan ranks as the world’s third-largest crypto market by retail activity, PVARA chair Bilal bin Saqib said at Binance Blockchain Week Dubai 2025 earlier this week.
The initiative comes as Pakistan compresses a major digital-finance overhaul into just a few months, creating the Pakistan Crypto Council and establishing the Virtual Assets Regulatory Authority while drafting a formal licensing regime.
A central bank digital currency pilot and a Virtual Assets Act are also planned for 2025.
Pakistan has opened discussions with U.S.-based World Liberty Financial on digital-asset infrastructure.
Separately, the government is assessing proposals from mining and AI data-centre operators interested in using surplus electricity for investment projects.
(Reporting by Ariba Shahid in Karachi. Editing by Mark Potter)
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