For the first time, a regulated, transparent and compliant path opens for exchanges, says Bilal Bin Saqib
Chairman of Pakistan Virtual Assets Regulatory Authority Bilal Bin Saqib addresses a press conference in Islamabad on Sunday, December 14, 2025. SCREENGRAB
Chairman of the Pakistan Virtual Assets Regulatory Authority (PVRA) Bilal Bin Saqib clarified on Sunday that the issuance of No Objection Certificates (NOCs) to the global crypto exchanges Binance and HTX should not be seen as a blanket approval, but rather as the first step in a closely monitored and risk-reduced market access framework.
Addressing a press briefing, Saqib said the development marked a historic moment for the country. “The nation should be congratulated as for the first time in history a regulated, transparent and internationally compliant avenue has been opened for global exchanges,” he said.
Noting that the move reflects a shift in thinking and institutional reform, he added that the issuance of NOCs to Binance and HTX in Islamabad represents a practical step towards this new regulatory approach. Within the framework, he said, effective anti-money laundering and counter-terrorism financing monitoring would be possible.
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Clarifying the scope of the decision, Saqib emphasized that the NOCs were neither a shortcut nor an unconditional approval. “It is the first step in a de-risked, phased and closely monitored market access framework,” he said, adding that the approach being implemented for the first time in Pakistan is in line with internationally recognized regulatory practices.
Addressing the youth, the PVRA chairman said that issuing NOCs “is not our destination. It is the foundation of a building that you have to construct.” He added that Pakistan’s future should not be imported but built locally so that the country could become a global case study in digital asset regulation, “from Morocco to Malaysia”, where new markets could see how Pakistan regulates digital assets.
Saqib explained that the regulatory framework focuses on three key areas. The first includes safeguards against money laundering and terrorist financing. The second ensures transparency of ownership and control, enabling regulators to identify beneficial owners, controlling parties and those ultimately responsible. The third relates to fitness and propriety assessments, whereby no entity is allowed to enter the market without full disclosure and verification.
He further said that the framework establishes a clear and enforceable licensing timeline that ensures that only companies and entities that comply with Pakistan’s laws and regulatory requirements are allowed to continue. “Such entities will be provided with a defined and measurable path, after which the formal licensing process will begin,” he added.
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Emphasizing that Pakistan has not adopted an unusual model, Saqib said that major financial centers around the world follow similar incremental approaches. He noted that Pakistan is already ranked among the world’s top three countries in terms of crypto adoption.
According to him, between 30 and 40 million Pakistanis are currently using digital assets. He said Pakistan needs to take timely and accurate decisions in line with the global financial system as the $100 trillion global bond market moves towards digital rails.
The PVRA Chairman said that Pakistan has a huge potential in digital assets, but without a legal and regulated path, this potential cannot be realised. He added that the framework would benefit not only trade but also a number of wider industries.
Concluding his remarks, Saqib said that over the next ten years, Pakistan would strengthen its sovereignty through technology and urged the youth to prepare for the future.
