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December 15, 2025
Pakistan’s Virtual Assets Regulatory Authority issued initial no-objection certificates to Binance and HTX under a supervised entry framework. Chairman Bilal Bin Saqib clarified these are not full approvals but require further compliance steps.
Read more: Pakistan Signs Binance Deal to Tokenise Assets
Bilal Bin Saqib MBE, Chairman of the Pakistan Virtual Assets Regulatory Authority, emphasized that the no-objection certificates issued to Binance and HTX represent a phased regulatory approach rather than complete operational approval. Speaking in Islamabad, Saqib explained that these certificates allow the cryptocurrency exchanges to register with the Financial Monitoring Unit’s goAML system and engage with the Securities and Exchange Commission of Pakistan to establish local subsidiaries.
The framework addresses money laundering, terrorism financing, and ownership transparency concerns. Pakistan ranks among the top three global crypto adoption markets, with an estimated 30 to 40 million users generating over 300 billion dollars in annual trading activity. Finance Minister Muhammad Aurangzeb described the initiative as demonstrating Pakistan’s commitment to financial discipline and responsible innovation.
Saqib noted that this supervised entry model mirrors regulatory approaches adopted by financial centers in Dubai, the United Kingdom, and Singapore. The approval follows Pakistan’s signing of a memorandum of understanding with Binance to explore tokenization of up to 2 billion dollars in sovereign bonds, treasury bills, and commodity reserves.
