Crypto NOCs part of supervised market entry, not blanket approval: PVRA chairman

For the first time, a regulated, transparent and compliant pathway opens for exchanges, says Bilal Bin Saqib

Chairman of the Pakistan Virtual Assets Regulatory Authority (PVRA) Bilal Bin Saqib on Sunday clarified that the issuance of No Objection Certificates (NOCs) to global crypto exchanges Binance and HTX should not be viewed as a blanket approval, but rather as the first step in a closely supervised and risk-mitigated market entry framework.

Speaking at 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 pathway has been opened for global exchanges,” he said.

He noted that the move reflects a shift in thinking and institutional reform, adding that the issuance of NOCs to Binance and HTX in Islamabad represents a practical step toward this new regulatory approach. Under the framework, he said, effective monitoring of anti-money laundering and counter-terrorism financing would be possible.

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Clarifying the scope of the decision, Saqib stressed that the NOCs were neither a shortcut nor an unconditional approval. “It is the initial step in a risk-mitigated, phased and closely supervised market entry framework,” he said, adding that the approach, being implemented for the first time in Pakistan, is in line with internationally recognised regulatory practices.

Addressing the youth, the PVRA chairman said the issuance of 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 assets regulation, “from Morocco to Malaysia,” where emerging markets could see how Pakistan regulates digital assets.

Saqib explained that the regulatory framework focuses on three key areas. The first involves anti-money laundering and counter-terrorism financing safeguards. The second ensures transparency of ownership and control, allowing regulators to identify beneficial owners, controlling parties and those ultimately responsible. The third relates to fitness and propriety assessments, under which no entity is permitted to enter the market without full disclosure and verification.

He further said the framework establishes a clear and enforceable licensing timeline, ensuring that only companies and entities that comply with Pakistan’s laws and regulatory requirements are allowed to proceed. “Such entities will be provided with a defined and measurable pathway, following which the formal licensing process will commence,” he added.

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Emphasising that Pakistan has not adopted an unusual model, Saqib said major financial centres around the world follow similar phased approaches. He noted that Pakistan is already counted among the world’s top three countries in terms of crypto adoption.

According to him, between 30 to 40 million Pakistanis are currently using digital assets. He said Pakistan must make timely and accurate decisions aligned with the global financial system, as the $100 trillion global bond market is moving toward digital rails.

The PVRA chairman said Pakistan has immense potential in digital assets, but without a legal and regulated pathway, this potential cannot be realised. He added that the framework would benefit not only trading but also a range of broader industries.

Concluding his remarks, Saqib said that over the next ten years Pakistan would strengthen its sovereignty through technology, urging the youth to prepare for the future.