Pakistan Virtual Asset Regulatory Authority (PVARA) Chairman Bilal Bin Saqib has clarified that the No Objection Certificates (NOCs) issued to global cryptocurrency exchanges Binance and HTX do not constitute unconditional or final approvals.
Speaking yesterday, Bilal Bin Saqib said these NOCs represent only the first phase of a framework based on risk mitigation, phased implementation, and strict oversight, aimed at effectively regulating the entry of foreign crypto operators into Pakistan.
He added that the move reflects a “Pakistan First” policy, which seeks to control the risks of money laundering and terrorist financing, ensure transparency in company ownership, and thoroughly assess the competence and integrity of firms seeking to operate in the country.
According to sources, this clarification comes after Binance and HTX were recently granted initial permission to register local entities and begin preparatory work for obtaining full licenses.
The PVARA chairman explained that under the supervision-based entry framework, controls have been established across three core areas: prevention of money laundering and terrorist financing, ownership transparency along with fit-and-proper checks, and a licensing process tied to defined timelines. He said that each platform will be required to register its AML systems and maintain direct coordination with the Financial Monitoring Unit, and no platform will be allowed to operate in Pakistan without full disclosures and verification.
Bilal Bin Saqib further stated that the licensing process will formally begin only after institutions demonstrate full compliance with Pakistani laws and regulatory oversight. He noted that major global financial hubs are also adopting similar phased models to regulate emerging industries.
