For the first time, a regulated, transparent and compliant route opens for trade, says Bilal Bin Saqib
Chairman of the Pakistan Virtual Assets Regulatory Authority Bilal Bin Saqib addresses a press conference in Islamabad on Sunday, December 14, 2025.
Pakistan Virtual Assets Regulatory Authority (PVRA) Chairman Bilal Bin Saqib clarified on Sunday that the issuance of no-objection certificates (NOCs) to global crypto exchanges Binance and HTX should not be seen 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 because for the first time in history, a regulated, transparent and internationally compliant pathway has been opened for global trade,” he said.
He noted that the move reflects a change in mindset and institutional reform, adding that the issuance of NOCs to Binance and HTX in Islamabad represents a practical step towards this new regulatory approach. In this framework, he said, effective monitoring of the fight against money laundering and terrorist 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 endorsement. “This is the first step in a mitigated, phased and closely supervised market entry framework,” he said, adding that the approach, implemented for the first time in Pakistan, is in line with internationally recognized regulatory practices.
Addressing the youth, the PVRA president said that issuing NOCs “is not our destination. It is the foundation of a building that you have to build.” He added that Pakistan’s future should not be imported but built locally, so that the country can become a global case study in digital asset 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 concerns protective measures against money laundering and terrorist financing. The second ensures transparency of ownership and control, allowing regulators to identify beneficial owners, controlling parties and ultimate responsibility. The third concerns fit and proper assessments, under which 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 schedule, ensuring that only companies and entities that comply with Pakistan’s laws and regulatory requirements are allowed to proceed. “These entities will have a defined and measurable pathway, following which the formal authorization process will begin,” he added.
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Stressing that Pakistan has not adopted an unusual model, Saqib said the world’s major financial centers are following similar progressive approaches. He noted that Pakistan is already among the top three countries in the world in terms of crypto adoption.
According to him, between 30 and 40 million Pakistanis currently use digital assets. He said Pakistan needs to make quick and accurate decisions, aligned with the global financial system, as the $100 trillion global bond market moves towards digital rails.
The PVRA Chairman said that Pakistan has immense potential in digital assets, but without a legal and regulated pathway, this potential cannot be realized. He added that the framework would not only benefit trade but also a wider range of industries.
Concluding his speech, Saqib said that in the next ten years, Pakistan would strengthen its sovereignty through technology, urging the youth to prepare for the future.
