The Pakistan Virtual Assets Regulatory Authority (PVARA) has issued no objection certificate (NOCs) to Binance and HTX to begin initial preparation and consulting activities.
Pakistan has taken its first big step toward regulating cryptocurrency, giving initial clearance to global crypto giants Binance and HTX to register in the country.
According to PVARA, the certificates were issued after a review carried out with public sector bodies, focusing on the exchanges governance systems, compliance measures, risk controls and their readiness to meet Pakistan’s upcoming rules for virtual asset operations.
PVARA Chairman Bilal Bin Saqib said that the issuance of the NOC is the first step towards a fully licensed and regulated environment, which will promote consumer protection, financial transparency, and responsible innovation.
He added that PVARA will continue to consult with local and international stakeholders for the next stages of the regulatory framework.
Pakistan ranks third in the world in terms of crypto adoption, with 30 to 40 million users, and an annual digital asset trading volume of over $300 billion.
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