Pakistan’s Finance Ministry signed a non-binding MoU with Binance to explore the tokenization of sovereign bonds, treasury bills, and commodity reserves valued at up to $2 billion.
The country’s Virtual Assets Regulatory Authority also granted preliminary clearances to Binance and HTX to begin local licensing processes.
The moves follow Pakistan’s recent announcement that it plans to launch a national stablecoin as part of a broader digital finance overhaul.
Pakistan is ramping up its digital asset ambitions, signing a memorandum of understanding (MoU) with crypto exchange Binance to explore tokenizing up to $2 billion in state-owned assets while also advancing plans for a national stablecoin.
The agreement, announced Friday by the country's finance ministry, sets the stage for Binance to advise on blockchain-based distribution of Pakistan's sovereign bonds, treasury bills, and commodity reserves including oil, gas, and metals, according to Reuters.
Pakistani Finance Minister Muhammad Aurangzeb characterized the MoU as a signal of Pakistan's reform trajectory and a step toward a "long-term partnership" with Binance. "The next step for us is execution, and we are fully committed to delivering results with speed and quality," Aurangzeb said.
Binance founder Changpeng "CZ" Zhao, who serves as a strategic advisor to the Pakistan Crypto Council, called the agreement "a great signal for the global blockchain industry and for Pakistan," adding that it marks the beginning of a move toward full deployment of the tokenization initiative. The Binance MoU is non-binding and requires definitive agreements within six months, subject to regulatory approvals.
Binance, HTX secure preliminary clearance
Alongside the Binance MoU, Pakistan's regulator granted preliminary clearances to both Binance and HTX to begin local licensing. The No Objection Certificates allow the exchanges to register with the country's Anti-Money Laundering system and prepare full license applications, though they are not yet permitted to operate.
The clearances come shortly after the regulator, the Pakistan Virtual Assets Regulatory Authority (PVARA), issued a public call for global crypto firms to apply for local licenses in September. Pakistan ranks as the world's third-largest crypto market by retail activity, according to PVARA chairman Bilal bin Saqib, with an estimated 40 million users and annual trading volume exceeding $300 billion
"This phased approach allows us to begin providing AML-registered cross-border services to Pakistani users while we continue working closely with PVARA toward full authorization," Binance said in a statement. "It aligns with Pakistan’s regulatory roadmap and reflects our long-term commitment to supporting the country’s digital economy."
Pakistan eyes national stablecoin
The MoU follows remarks earlier this month by Saqib, who confirmed at Binance Blockchain Week in Dubai that Pakistan will "definitely launch" a sovereign stablecoin. Speaking on a panel about virtual assets regulation, Saqib framed the stablecoin as a way to "collateralize government debt" and said Pakistan is also developing a central bank digital currency pilot.
"We want to be at the forefront of this financial digital innovation that is happening," Saqib said. "Why should we be at the tail-end of it when we have the muscle and the adoption?"
Pakistan has moved rapidly to build out its crypto regulatory apparatus over the past year, establishing the Pakistan Crypto Council in March and PVARA in July. In April, the Trump-backed World Liberty Financial signed a letter of intent with the Council to explore stablecoin infrastructure and real-world asset tokenization. The following month, Pakistan announced a government-led strategic Bitcoin reserve and allocated 2,000 megawatts of electricity for Bitcoin mining and AI data centers.
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