- NOCs do not constitute full operating licence: PVARA.
- Minister says move demonstrates commitment to innovation.
- PVARA emphasises timely regulation to ensure transparency.
ISLAMABAD: The Pakistan Virtual Assets Regulatory Authority (PVARA) has issued no objection certificates (NOCs) to Binance and HTX, allowing them to begin regulated engagement in the country’s digital asset market.
The NOCs were granted after a formal review process in coordination with public-sector stakeholders, focus on governance, compliance, risk management, and alignment with emerging regulatory requirements, read a statement issued by the PVARA on Friday.
“The introduction of this structured NOC framework demonstrates Pakistan’s commitment to responsible innovation and financial discipline,” said Finance Minister Muhammad Aurangzeb.
The NOCs permit the firms to register on the FMU goAML system, engage with the Securities and Exchange Commission of Pakistan (SECP) for local subsidiary incorporation, submit full VASP licence applications, and provide AML-registered services after goAML registration.
The issuance of the NOCs, however, does not constitute a full operating licence, read the communique.
PVARA Chairman Bilal Bin Saqib termed the development “the beginning of a new chapter for Pakistan’s digital asset ecosystem”.
“The issuance of these NOCs is the first step toward a fully licenced and regulated environment that places consumer protection, financial integrity, and responsible innovation at its core,” he added.
With Pakistan ranked third globally in crypto adoption and an estimated 30–40 million users, annual trading linked to the country is projected above $300 billion.
PVARA emphasised timely regulation to ensure transparency, governance, and market integrity while signalling that Pakistan was open to responsible innovation under structured rules.
