In a significant development for Pakistan’s burgeoning cryptocurrency sector, Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), Bilal Bin Saqib, has issued a clarification regarding the no-objection certificates (NOCs) granted to major global crypto exchanges Binance and HTX (formerly Huobi).
During a televised statement on Sunday, Saqib emphasized that these NOCs do not constitute blanket approvals or full operational licenses for the platforms in Pakistan. Instead, they represent merely the “first step” in a carefully structured, risk-mitigated, phased, and supervised entry framework designed to allow foreign cryptocurrency operators to engage with the Pakistani market under strict regulatory oversight.
This announcement comes amid growing interest in digital assets within Pakistan, where authorities are balancing innovation with consumer protection and financial stability concerns. The PVARA’s approach aims to prevent risks associated with unregulated crypto activities, such as money laundering, fraud, and volatility exposure, while gradually integrating reputable international players.
Saqib’s remarks are intended to manage public expectations and prevent misconceptions that the NOCs equate to unrestricted access. The phased framework will likely involve additional compliance requirements, monitoring, and potential pilot programs before any broader approvals are considered.
The clarification has sparked discussions among crypto enthusiasts and investors in Pakistan, many of whom have been eagerly awaiting clearer regulations. Binance and HTX, two of the world’s largest exchanges, had previously received these preliminary NOCs, raising hopes for formalized operations.
As Pakistan continues to develop its virtual assets policy, this supervised entry model could serve as a blueprint for other emerging markets navigating the complex crypto landscape. Stakeholders are now awaiting further details on subsequent phases and specific guidelines from PVARA.