according to the materials of the site - By 36crypto
Pakistan is taking important steps to regulate cryptocurrency exchanges operating within its territory. The Pakistan Virtual Assets Regulatory Authority (PVARA) has issued no objection certificates (NOC) to companies Binance and HTX, paving the way for these platforms to establish local branches. This move is seen as part of the country's phased strategy to implement a formal regulatory system for digital asset service providers. PVARA emphasized that the NOC certificates comply with anti-money laundering (AML) guidelines and the Financial Action Task Force (FATF) compliance protocols.
The regulatory framework aimed at ensuring transparency and reducing financial risks will help crypto platforms go through the process of obtaining full licenses. Binance and HTX are now officially authorized to begin negotiations with the Securities and Exchange Commission of Pakistan (SECP) in the context of establishing their subsidiaries in the country. After the final rules are adopted, these exchanges will need to submit full applications for licenses.
The announcement from PVARA came just a few months after the agency held its first board meeting in August, where the foundations for the licensing process were laid and tax policies discussed. This regulatory framework marks an important step in Pakistan's efforts to create a safe and responsible ecosystem for digital assets. According to Pakistan's Finance Minister Muhammad Aurangzeb, the introduction of this system highlights the country's commitment to financial discipline and responsible innovation.
The approval of compliance certificates is a turning point for Binance and HTX in the growing cryptocurrency market of Pakistan. Binance CEO Richard Teng noted this important event, expressing the company's intention to build a safe and transparent ecosystem. He added that registration under the Anti-Money Laundering (AML) system provided by PVARA brings the exchange closer to obtaining a full license and forming closer local cooperation. Additionally, HTX's global advisor Justin Sun, founder of Tron, met with key Pakistani officials as part of the engagement process.
Progress in regulation is supported by the Pakistan Crypto Council (PCC), which includes Binance co-founder Changpeng 'CZ' Zhao. The collaboration between local authorities and international crypto giants like Binance underscores Pakistan's commitment to modernizing its financial infrastructure. Bilal bin Saqib, chairman of PVARA, called for the integration of Bitcoin and blockchain technologies into Pakistan's financial system as a foundation for future growth.
By granting these exchanges licenses, Pakistan not only encourages innovation in digital assets but also ensures that these platforms operate within frameworks that meet global financial standards. This strategic move reflects Pakistan's efforts to build a robust and resilient digital economy. The approval of these exchanges could lay the groundwork for further growth in Pakistan's cryptocurrency sector, offering more opportunities for both local and international investors.
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