Bilal bin Saqib, Special Assistant to the Prime Minister for Binance and Crypto and chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), has clarified that the no-objection certificates (NOCs) issued to global cryptocurrency exchanges Binance and HTX do not amount to a blanket approval but represent an initial step under a “risk-mitigated, phased, supervised entry framework”.
Speaking at a press briefing in Islamabad, Bilal said Pakistan had, for the first time, opened a regulated, transparent and globally compliant pathway for international crypto exchanges. He described the issuance of the NOCs as part of a broader regulatory vision aimed at responsible innovation and effective oversight.
He said the new framework would allow authorities to monitor anti-money laundering and counter-terrorism financing measures, stressing that timely, informed decisions were essential for safeguarding the financial system.
Bilal noted that Pakistan ranks among the world’s top three crypto-adopting countries, with an estimated 30 to 40 million active digital asset users, and highlighted the global shift of traditional markets towards digital systems.
Bilal said Pakistan aims to become a global model for digital asset regulation and to strengthen national sovereignty through technology over the coming decade.
He also referenced a recent memorandum of understanding between the finance ministry and Binance to explore the tokenisation of up to $2 billion in Pakistan’s real-world and sovereign assets, including bonds, treasury bills and commodity reserves.
PVARA said the NOCs were issued following a formal review process involving public-sector stakeholders, focusing on governance, compliance and risk management.
The certificates allow Binance and HTX to register on the FMU goAML system, engage with the Securities and Exchange Commission of Pakistan for local incorporation, and submit full virtual asset service provider licence applications. However, the authority stressed that the NOCs do not constitute full operating licences.
Bilal termed the move the beginning of a new chapter for Pakistan’s digital asset ecosystem, emphasising consumer protection, financial integrity and structured regulation.
