Pakistan Takes Steps to Welcome Big Crypto Players

Pakistan is making significant strides to bring in major cryptocurrency exchanges like Binance and HTX.

Regulatory Green Light

The country's Virtual Assets Regulatory Authority (PVARA) has issued "no objection certificates" (NOCs) to these platforms. This allows them to start discussions with the Securities and Exchange Commission of Pakistan (SECP) and prepare for full licensing once regulations are finalized.

International Standards

Pakistan aims to align its crypto regulations with international standards, particularly those set by the Financial Action Task Force (FATF). This ensures a safe and legal crypto environment.

High-Level Meetings

Pakistan's Finance Minister Muhammad Aurangzeb met with key figures from Binance and HTX, including Binance CEO Richard Teng and Tron founder Justin Sun. This underscores the country's commitment to attracting crypto businesses.

Previous Initiatives

• PVARA held its first board meeting to discuss licensing and tax rules.
• The Pakistan Crypto Council (PCC) has been involved, with Binance's CZ as an adviser.
• PVARA Chairman Saqib emphasized the importance of Bitcoin and blockchain technology for Pakistan's financial future.

Future Steps

With the NOCs in hand, Binance and HTX can now set up local offices and work towards full licensing.