NOCs are the first step in a risk-mitigated, supervised entry, says Bilal bin Saqib
ISLAMABAD
Bilal bin Saqib, Special Assistant to the Prime Minister for Binance and Crypto and chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), said the no-objection certificates (NOCs) issued to global cryptocurrency exchanges Binance and HTX were not a “blanket approval” but the first step under a “risk-mitigated, phased, supervised entry framework”.
Addressing a press briefing in Islamabad, Bilal said Pakistan has, for the first time, opened a “regulated, transparent and globally compliant pathway” for global exchanges, describing the issuance of the NOCs as a practical step towards a new regulatory vision. He said the newly introduced framework will enable effective monitoring of anti-money laundering measures and counter-terrorism financing, and stressed that timely and informed decision-making within the financial system is essential.
Bilal said Pakistan ranks among the world’s top three crypto-adopting nations, with an estimated 30 to 40 million Pakistanis actively using digital assets, and pointed to the $100 trillion global bond market shifting towards digital systems, which he said underscored the importance of regulating crypto assets. He said Pakistan aims to become a global model in digital assets regulation and said the country will strengthen its sovereignty through technology over the next decade.
Two days ago, the finance ministry said Pakistan had inked a memorandum of understanding with Binance to explore the “tokenisation” of up to $2 billion in the country’s assets. It described the MoU as a framework for exploring collaboration on the tokenisation and blockchain-based distribution of Pakistan’s real-world and sovereign assets.The ministry said the assets could include sovereign bonds, treasury bills, and commodity reserves such as oil, gas, metals or other raw materials owned by the government.
It described tokenisation as the process of creating a digital version of an asset. It said the initiative could involve assets of up to $2 billion, subject to approvals, with the aim of improving liquidity, transparency and international market access. Finance Minister Muhammad Aurangzeb said the MoU signalled Pakistan’s reform trajectory and “a long-term partnership.”
Binance founder Changpeng Zhao said the agreement was “a great signal for the global blockchain industry and for Pakistan”, saying it marked the beginning of a move toward full deployment of the tokenisation initiative. Separately, PVARA said it issued NOCs to Binance and HTX, allowing them to begin regulated engagement in Pakistan’s digital asset market.
