Pakistan issues NOC to Binance, HTX for virtual assets operations

Karachi (Web Desk): The Pakistan Virtual Assets Regulatory Authority (PVARA) has issued a No Objection Certificate (NOC) to global crypto exchanges Binance and HTX, permitting them to commence virtual assets activities in the country.

According to the Pakistan Crypto Council, the NOC was granted after detailed consultations and a thorough review process with the concerned institutions.

The statement further clarified that while Binance and HTX are now allowed to begin initial preparations and consultative activities in Pakistan, the NOC does not constitute a full operational license.

Finance Minister Muhammad Aurangzeb stated that the issuance of the NOC reflects the country’s commitment to financial discipline and responsible innovation. He emphasized that PVARA is becoming the world's first AI-powered virtual assets regulatory authority.

The authority has already launched an evaluation system, a recruitment portal, and an AI-assisted tool, which has enhanced its monitoring capabilities.

The Finance Minister added that PVARA will continue consulting with both local and international stakeholders to move forward with the next phases of the regulatory framework.

Bilal Bin Saqib, Chairman of PVARA, mentioned that the issuance of the NOC is a significant step towards creating a fully licensed and regulated environment.

This initiative will focus on consumer protection, financial transparency, and responsible innovation. He further noted that every company operating in Pakistan’s digital market must adhere to the highest standards of transparency, governance, and risk management.

Pakistan ranks third globally in terms of crypto adoption, with an estimated 30 to 40 million users. The annual digital asset trading volume linked to Pakistan has surpassed 300 billion dollars.