Pakistan has given initial clearance for Binance, one of the world's largest ‍crypto exchanges, and HTX, ‍a digital-asset platform, to register with regulators, set up local ​subsidiaries and begin preparing full exchange licence applications, the virtual assets authority said on Friday.

The ⁠move comes as jurisdictions such as the United Arab Emirates, Japan and parts of ⁠the European ‌Union expand formal licensing rules for crypto exchanges amid broader global regulatory tightening.

The Pakistan Virtual Assets Regulatory Authority (PVARA) said it had issued ⁠No Objection Certificates (NOCs) after reviewing the platforms' governance, compliance and risk controls.

The clearances "do not constitute a full operating license" but let Binance and HTX register on the anti-money-laundering system, incorporate regulated local units and ready full licence applications ⁠once regulations are issued.

PVARA ​Chair Bilal bin Saqib said the NOCs marked "the beginning of a new chapter" and that only ‍well-governed, fully compliant platforms would advance toward licensing under a phased approach aligned with global anti-money-laundering ​and counter-terror financing standards.

"The introduction of this structured NOC framework demonstrates Pakistan's commitment to responsible innovation and financial discipline," Finance Minister Muhammad Aurangzeb said in a statement.

Pakistan ranks as the world's third-largest crypto market by retail activity, PVARA chair Bilal bin Saqib said at Binance Blockchain Week Dubai 2025 earlier this week.

The initiative comes as Pakistan compresses a major digital-finance overhaul into just a few months, creating the Pakistan Crypto Council and establishing the Virtual Assets Regulatory Authority while drafting ⁠a formal licensing regime.

A central bank digital currency ‌pilot and a Virtual Assets Act are also planned for 2025.

Pakistan has opened discussions with U.S.-based World Liberty Financial on digital-asset infrastructure.

Separately, the government ‌is assessing ⁠proposals from mining and AI data-centre operators interested in using surplus electricity for investment projects.

(Reporting ⁠by Ariba Shahid in Karachi. Editing by Mark Potter)