Overview
- PVARA issued No Objection Certificates to Binance and HTX, enabling registration on the Financial Monitoring Unit’s goAML system and coordination with the SECP for local subsidiary setup.
- The certificates are preliminary and do not grant operating licenses, with full Virtual Asset Service Provider applications to follow once detailed regulations are issued.
- Pakistan’s Finance Ministry signed a non-binding MoU with Binance to explore tokenizing up to $2 billion of sovereign and real-world assets, including bonds, T-bills and commodity reserves.
- The MoU sets a six-month window to assess feasibility and negotiate any definitive agreements, all subject to legal, regulatory and policy approvals under Pakistani law.
- Officials framed the steps as part of a rapid digital-finance overhaul aligned with FATF standards, citing Pakistan’s large retail crypto market and plans for a Virtual Assets Act and a CBDC pilot.