By SKM
December 12, 2025
ISLAMABAD: The Pakistan Virtual Assets Regulatory Authority (PVRA) has issued initial No Objection Certificates (NOCs) to global cryptocurrency platforms Binance and HTX, marking a significant milestone in the country’s efforts to build a formal regulatory framework for virtual assets.
The move comes after extensive consultations and due-diligence assessments conducted in coordination with relevant government bodies. These evaluations examined the companies’ governance structures, compliance mechanisms, risk-management frameworks and their alignment with Pakistan’s evolving regulatory requirements for Virtual Asset Service Providers (VASPs).
PVRA emphasized that the NOCs do not constitute full operational licenses. Instead, they serve as an early-stage regulatory clearance, enabling Binance and HTX to begin preparatory and consultative activities under targeted oversight.
With the NOC in place, both entities can now initiate registration with the Financial Monitoring Unit’s goAML system as reporting entities, start the process of registering locally regulated subsidiaries with the Securities and Exchange Commission of Pakistan (SECP), and begin preparing their formal VASP license applications once the licensing regulations are officially released. Upon completion of goAML registration, the companies will also be allowed to provide AML-registered services in accordance with PVRA rules.
Federal Minister for Finance Senator Muhammad Aurangzeb called the development a reflection of Pakistan’s commitment to responsible financial oversight and innovation. He highlighted that PVRA is on its way to becoming the world’s first AI-powered virtual assets regulatory authority as part of its digital transformation strategy.
The authority has already introduced AI-driven tools for application evaluation, an AI-based recruitment portal and an AI-assisted system for reviewing regulatory documents—initiatives that the minister said have strengthened supervisory capacity and aligned Pakistan with global regulatory standards.
PVRA Chairman Bilal Bin Saqib described the issuance of the NOCs as the first step toward establishing a fully licensed and regulated environment for digital asset platforms. He noted that the regulatory framework is designed to ensure that only platforms with robust governance and strong compliance credentials advance to the next stages of licensing. The approach, he said, reinforces Pakistan’s alignment with FATF standards and strengthens its national AML and CFT framework. The chairman stressed that all companies entering the Pakistani digital asset market will be required to meet the highest standards of transparency, governance and risk management.
With Pakistan ranking third globally in crypto adoption, an estimated 30 to 40 million users and an annual digital asset trading volume exceeding USD 300 billion, officials say the need for structured regulation has become increasingly urgent. Chairman Saqib said this scale of activity underscores why PVRA prioritized timely and organized regulation to bring all market participants into a transparent and internationally compliant framework.
According to PVRA, the NOC issuance sends a strong message to global markets: Pakistan is ready for responsible innovation under clear and enforceable rules. The authority plans to continue consultations with domestic and international stakeholders as it develops further guidance on licensing standards, compliance requirements and supervisory expectations. Chairman Saqib said the latest development marks the beginning of a new era for Pakistan’s digital asset ecosystem and a decisive step toward comprehensive regulation of the sector. Ends
