Pakistan, Binance to investigate ‘deal’ of up to $2 billion in assets

• NOCs are not a full license to operate: PVARA.
• The minister says the move shows a commitment to innovation.
• PVARA emphasizes early regulation to ensure transparency.
  

ISLAMABAD: Pakistan has signed a memorandum of understanding with Binance to explore “packaging” up to $2 billion in the country’s assets, the finance ministry said on Friday.

“The MoU establishes a framework for exploring potential collaboration on blockchain-based contribution and distribution of Pakistan’s real and sovereign assets,” a statement issued by the finance ministry said.

Assets can include government bonds, treasury bills, stocks of commodities such as oil, natural gas, metals or other raw materials owned by the government. Tokenisation is the process of creating a digital version of an asset.

The ministry also said the initiative could include up to $2 billion in assets, subject to approvals, aimed at improving liquidity, transparency and access to the international market.

Finance Minister Muhammad Aurangzeb said the MoU marks Pakistan’s reform path and “a long-term partnership”.

Binance founder Changpeng Zhao said the deal was “a great message for the global blockchain industry and for Pakistan,” saying it marked the beginning of a move towards full development of the tokenisation initiative.

Separately, the Pakistan Virtual Assets Regulatory Authority (PVARA) issued no-objection certificates (NOCs) to Binance and HTX, allowing them to begin regulated engagement in the country’s digital asset market.

The NOCs were granted after a formal review process in coordination with public sector stakeholders, focusing on governance, compliance, risk management and alignment with emerging regulatory requirements, a statement issued by PVARA said.

“The introduction of this structured NOC framework demonstrates Pakistan’s commitment to responsible innovation and financial discipline,” the finance minister said.

NOCs allow companies to register with the FMU goAML system, work with the Securities and Exchange Commission of Pakistan (SECP) for local subsidiary incorporation, submit full VASP license applications, and provide AML-registered services after goAML registration.

The issuance of NOEs, however, is not a full license to operate, read the announcement.

PVARA Chairman Bilal Bin Saqib called the development “the beginning of a new chapter for Pakistan’s digital asset ecosystem.”

“The issuance of these NOCs is the first step towards a fully licensed and regulated environment that places consumer protection, financial integrity and responsible innovation at its core,” he added.

With Pakistan ranking third globally in cryptocurrency adoption and around 30–40 million users, annual transactions linked to the country are predicted to be over $300 billion.

PVARA highlighted timely regulation to ensure transparency, governance and market integrity while signaling that Pakistan is open to responsible innovation based on structured rules.