Pakistan has taken a major step in digital finance by supporting the tokenisation of real-world assets. The Finance Ministry announced that initial clearances have been given to Binance and HTX to set up local subsidiaries and prepare for full exchange license applications.
The government’s initiative aims to explore collaboration for blockchain-based distribution of Pakistan’s assets. This includes sovereign bonds, treasury bills, and commodity reserves like oil, gas, and metals. Tokenisation allows these assets to be represented digitally, improving transparency and liquidity.
Finance Minister Muhammad Aurangzeb described the memorandum of understanding (MoU) as a signal of Pakistan’s reform path and “a long-term partnership” with global blockchain leaders. Binance founder Changpeng Zhao called it a “great signal for the global blockchain industry and for Pakistan,” highlighting the start of full tokenisation deployment.
The Pakistan Virtual Assets Regulatory Authority (PVARA) confirmed the early approvals for Binance and HTX. This allows them to register with the Anti-Money Laundering system, establish local units, and prepare full licensing applications. Chair Bilal bin Saqib said these clearances mark the beginning of Pakistan’s phased licensing process. Compliance strength will determine which exchanges move forward.
The move aligns Pakistan with countries like the UAE, Japan, and parts of the European Union, which are expanding formal licensing rules for crypto exchanges amid global regulatory tightening. The initiative could involve assets of up to $2 billion, subject to approvals, offering international market access and enhanced liquidity.
Pakistan has been accelerating its digital-finance reforms, including the creation of the Pakistan Crypto Council, a Virtual Assets Regulatory Authority, and plans for a central bank digital currency pilot. A Virtual Assets Act is also expected in 2025.
Additionally, the Crypto Council has signed a letter of intent with U.S.-based World Liberty Financial to explore stablecoin use, tokenisation, and other digital-asset infrastructure. These steps position Pakistan as a leading crypto market, ranking third globally in retail activity.
The initiative marks a significant milestone in Pakistan’s journey toward modernizing its financial sector and integrating blockchain technology into mainstream finance.
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