Pakistan Grants NOCs to Binance and HTX for Crypto Prep

Pakistan's Virtual Assets Regulatory Authority granted preliminary No Objection Certificates to cryptocurrency exchanges Binance and HTX on Friday, allowing the platforms to begin preparatory steps toward full licensing in the country.

The approvals enable Binance and HTX to register with Pakistan's anti-money laundering system, known as goAML, establish local subsidiaries, and collaborate with the Securities and Exchange Commission of Pakistan on incorporation. These steps prepare the companies for submitting complete applications once final regulations are issued. However, the certificates do not permit any commercial operations, emphasizing a cautious rollout.

PVARA issued the NOCs after reviewing the exchanges' governance structures, compliance frameworks, risk management systems, and alignment with international anti-money laundering and counter-terrorism financing standards set by the Financial Action Task Force. The authority described the move as part of a phased licensing process designed to ensure only compliant platforms enter the market, balancing innovation with financial stability and consumer protection.

"This is the beginning of a new phase for digital assets in...