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Pakistan’s Virtual Assets Regulatory Authority (PVARA) has issued NOCs to Binance and HTX, marking the country’s first regulatory step toward full digital asset licensing.
The approvals form part of a broader plan enabling tokenization of up to $2 billion in sovereign and commodity assets.
Pakistan is accelerating a FATF-aligned regulatory framework as it positions itself as a major emerging crypto market.
Pakistan has taken its most significant step yet toward a regulated digital asset economy.
Its Virtual Assets Regulatory Authority has granted No Objection Certificates (NOCs) to Binance and HTX, laying the foundation for a licensed, institution-grade ecosystem built around compliance, governance, and real-world asset tokenization.
Pakistan’s Ministry of Finance signed a non-binding Memorandum of Understanding (MoU) with Binance on December 12, 2025, to explore the tokenization of up to $2 billion in sovereign assets.
This includes government bonds, treasury bills (T-bills), and commodity reserves such as oil, gas, metals, and other state-owned raw materials.
The goal is to use blockchain technology to digitize these assets, aiming to increase liquidity, enhance transparency, improve global market access, and attract international investors.
Pakistan’s Finance Minister Muhammad Aurangzeb and Binance CEO Richard Teng, with Binance founder Changpeng “CZ” Zhao present.
The MoU is exploratory and non-binding. Any definitive agreements would need negotiation within six months, subject to Pakistani laws and regulatory approvals.
This aligns with Pakistan’s push toward a formal crypto regulatory framework. Separately, the Pakistan Virtual Assets Regulatory Authority (PVARA) granted initial clearance for Binance and HTX to register local subsidiaries and prepare for full exchange licenses.
Pakistan is also planning a Virtual Assets Act in 2025 and ranks high in global retail crypto activity.