Pakistan Advances Regulated Digital Asset Framework

Pakistan’s Virtual Assets Regulatory Authority (PVARA) has granted No Objection Certificates (NOCs) to Binance and HTX, enabling them to initiate formal operations in the country. These NOCs do not equate to full licenses but allow preliminary activities like registering with the anti-money-laundering system and establishing local branches prior to applying for full licenses. The finance ministry indicated that these NOCs could facilitate government bonds, treasury bills, and certain commodity reserves, aiming to enhance liquidity and broaden market access through blockchain tokens. PVARA's officials assessed governance and compliance frameworks before issuing these approvals, which will enable exchanges to connect with Pakistan’s AML systems and collaborate with the Securities and Exchange Commission. The initiative is part of a phased licensing approach aligned with global standards. As Pakistan ranks third in retail crypto activity, the authorities are keen to formalize the digital asset landscape, with plans for a Virtual Assets Act and a pilot central bank digital currency. Read more AI-generated news on: https://app.chaingpt.org/news