Pakistan Opens Door to Global Crypto Giants with New Exchange Licensing

Pakistan has taken a major step into regulated digital finance. The country’s Virtual Assets Regulatory Authority granted preliminary approval to Binance and HTX this week. This allows the global crypto exchanges to begin the formal licensing process.The move signals Pakistan’s intent to formalize its vast cryptocurrency market. Officials aim to bring oversight to a sector with significant retail activity. According to Reuters, this structured approach aligns with international financial standards.

Framework Paves Way for Formal Operations

The authority issued No Objection Certificates, or NOCs, to both companies. This is not a full license. It is the first step in a phased regulatory process.The NOCs allow Binance and HTX to register with national systems. They can now establish local subsidiaries in Pakistan. The exchanges must then prepare full license applications for final review.PVARA Chair Bilal bin Saqib called this a new chapter. He stated only well-governed platforms will progress. The framework follows global anti-money-laundering rules closely.

Pakistan Positions Itself as a Crypto Hub

This regulatory push is part of a larger national strategy. Pakistan ranks as the world’s third-largest crypto market by retail activity. The government is moving fast to build a digital finance ecosystem.It established a Crypto Council and the Virtual Assets Regulatory Authority recently. A new Virtual Assets Act was also introduced in 2025. Officials are also piloting a central bank digital currency.The country is exploring other digital asset projects. Talks are ongoing with international firms for infrastructure development. Pakistan is also considering using surplus electricity for crypto-mining and AI data centers.

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This initial approval for Binance and HTX marks a pivotal shift. Pakistan is actively shaping its future in digital assets. The move toward formal crypto exchange licenses could redefine the nation’s financial landscape.

A quick knowledge drop for you

What does this approval mean for Binance and HTX?

It allows them to officially register and set up local entities in Pakistan. They can now begin preparing their full operating license applications for regulatory review.

Can users in Pakistan trade on these exchanges now?

Not immediately. The NOC is a pre-license step. Full trading services will only launch after the companies secure their final operating licenses from the authority.

Why is Pakistan regulating crypto exchanges?

To bring oversight to its large, active retail market. Regulation aims to protect investors, prevent financial crime, and foster responsible innovation in the digital asset space.

What other crypto reforms is Pakistan implementing?

The country has established a new regulatory authority and passed a Virtual Assets Act. It is also developing a central bank digital currency and seeking related infrastructure investments.

How does Pakistan’s crypto market size compare globally?

According to officials, Pakistan is the world’s third-largest market for cryptocurrency by retail activity. This makes formal regulation a significant economic priority.