Pakistan Gives Binance and HTX Approval to Pursue Local Crypto Licensing
Pakistan’s regulatory agency for virtual assets has given first clearances to two of the largegest cryptocurrency platforms, and HTX. This means they can move forward with getting local operating licenses.
On December 12, the Pakistan Virtual Assets Regulatory Authority (PVARA) that it had issued No Objection Certificates (NOCs) later than carefully reviewing the platforms’ internal controls, compliance procedures, and risk mitigation measures.
These NOCs are an essential first step that allows companies to officially register with the government, set up subsidiaries in their home countries, and file complete licence applications. However, they still need to get full operating licenses later than more evaluations.
significant Regulatory Events
This news shows that Pakistan is working harder than ever to make cryptocurrencies part of its financial system while still adhering to strict international rules, particularly those on anti-money laundering (AML) and counter-terrorism financing (CTF).
PVARA that recipients must connect to the country’s national monitoring system and set up fully regulated local businesses.
At the identical time, they wait for the final licensing rules to be set, which are likely to be issued in ahead 2026. The approach is similar to what is happening in places like the , Japan, and several European countries, where stricter rules for licensed businesses have made investors more confident and the industry more mature.
Bilal bin Saqib, chairman of PVARA, said that the NOCs were a sign of “the dawn of a transformative phase” for Pakistan, which has the third-largest crypto market in the world by user volume and billions of dollars in transactions every year.
Finance Minister Muhammad Aurangzeb backed this up, that the strict NOC vetting procedure demonstrates the country’s commitment to “balancing innovation with fiscal prudence and global best practices.”
During his speech at Binance Blockchain Week in Dubai earlier this year, Saqib discussed how large the market is and how much more it could do for the economy through regulated channels.
Growing the National Strategy
Pakistan is working on a multitude of crypto projects, including establishing the Pakistan Crypto Council, drafting a comprehensive , and launching a pilot of a central bank digital currency in 2026.
The government is still talking to U.S.-based World Liberty Financial about getting assist with sophisticated digital infrastructure. It is also looking at investment proposals from crypto mining companies and AI data centres viewking to use extra-national energy capacity.
This proactive approach is a significant change from the previous outright restrictions on crypto activity. There are an estimated 15 to 20 million domestic users already using overseas platforms. People who watch the industry are hopeful but also have practical worries.
KTrade Securities Chairman Farid Khwaja noted that controlling offshore user activity could yield significant tax revenues without indicating outright sponsorship, describing the Crypto Council’s establishment as “a constructive initial move forward.”
Analyst Zaki Khalid said that success depends on finding and training specialised auditors and putting in place strong protections against market manipulation. He also noted that ongoing power supply difficultys could make large-scale mining less viable.
These NOCs put in a strong position to attract major foreign companies, which may assist its estimated $20 billion-plus annual crypto sector grow and innovate in a secure, tax-compliant manner.
