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The Pakistan Virtual Assets Regulatory Authority (PVARA) has issued No Objection Certificates (NOCs) to Binance and HTX as part of Pakistan’s ongoing efforts to develop a structured and compliant regulatory framework for virtual asset service providers.
The NOCs were granted following a formal review process conducted by PVARA in coordination with relevant public-sector stakeholders. The assessment focused on governance structures, compliance frameworks, risk management controls, and alignment with Pakistan’s emerging regulatory requirements for virtual asset activities.
The issuance of these NOCs allows Binance and HTX to proceed with preparatory and engagement activities within Pakistan under defined regulatory oversight. It does not constitute a full operating license. The NOC authorizes the entities only to:
- Initiate registration on the FMU goAML system as reporting entities.
- Engage with SECP to incorporate their regulated local subsidiaries in Pakistan.
- Prepare and submit their full VASP license applications once licensing regulations are promulgated, and
- Provide AML-registered services after completion of goAML registration, in accordance with PVARA regulations.
This development reflects PVARA’s phased and risk-based approach to regulating the virtual asset sector, consistent with international regulatory practices. The Authority aims to support responsible innovation while maintaining market integrity, consumer protection, and financial stability.
“The introduction of this structured NOC framework demonstrates Pakistan’s commitment to responsible innovation and financial discipline,” said the Finance Minister, Senator Muhammad Aurangzeb.
As part of its digital transformation, PVARA is becoming the world’s first AI-enabled virtual assets regulatory authority. The Authority has already deployed an AI-powered application evaluation system used in reviewing VASP submissions, an in-house AI-enabled recruitment portal, and an AI-assisted regulatory document review tool. These capabilities enhance supervisory efficiency and align Pakistan with global regulatory standards.
PVARA will continue to engage with domestic and international stakeholders as it advances subsequent phases of its regulatory framework. Additional guidance regarding licensing standards, compliance obligations, and supervisory expectations for virtual asset service providers will be issued in due course.
Chairman of PVARA, Bilal Bin Saqib, said, “Today marks the beginning of a new chapter for Pakistan’s digital asset ecosystem. The issuance of these NOCs is the first step toward a fully licensed and regulated environment that places consumer protection, financial integrity, and responsible innovation at its core. By adopting a phased and internationally aligned approach, Pakistan is ensuring that only well-governed, fully compliant global platforms progress toward full licensing. This framework strengthens Pakistan’s alignment with FATF standards and reinforces our national commitment to robust AML and CFT safeguards. Every entity entering Pakistan’s digital asset market will be held to the highest levels of transparency, governance, and risk management.”
Pakistan already ranks third globally in crypto adoption and is home to an estimated 30 to 40 million users. Industry-wide assessments estimate that annual digital asset trading activity linked to Pakistan exceeds USD 300 billion. The Authority has prioritized timely, structured regulation to bring market activity into a compliant, transparent, and internationally aligned framework.
PVARA’s early actions indicate a clear regulatory direction. The Authority has taken steps to establish oversight, implement AML and CFT standards, and provide clarity to global markets about Pakistan’s approach to virtual assets. Its measures aim to support innovation within a structured and supervised framework.
