Pakistan Begins Crypto Overhaul With Preliminary Exchange Approvals

Pakistan is advancing its digital asset integration by signing a Memorandum of Understanding (MoU) with Binance to explore tokenizing up to $2 billion in state-owned assets, including sovereign bonds and commodities, to boost liquidity. Concurrently, the newly established Virtual Assets Regulatory Authority (PVARA) issued No Objection Certificates (NOCs) to both Binance and HTX, allowing them to proceed with local incorporation and eventual full license applications under a phased, FATF-aligned framework. Finance Minister Muhammad Aurangzeb views this as a key step toward attracting global participation in Pakistan's markets. PVARA stressed that these early clearances prioritize strong governance and AML/CFT compliance over exchange size. This overhaul is part of a broader strategy that includes establishing the Pakistan Crypto Council and exploring a CBDC pilot, driven by the need to provide financial relief and access for its large unbanked population, viewing Bitcoin as essential infrastructure rather than mere speculation.

(Source：Bitcoin Magazine)