Pakistan Takes Steps to Welcome Big Crypto Players

Pakistan is making moves to bring in major crypto exchanges like Binance and HTX. The country's Virtual Assets Regulatory Authority (PVARA) has given these platforms the green light to start setting up shop. This isn't a full license yet, but it's a big step forward. The PVARA has issued something called "no objection certificates" (NOCs) to Binance and HTX. This means these exchanges can now start talking to Pakistan's Securities and Exchange Commission (SECP) and get ready to apply for full licenses once the rules are set. Why is this happening? Pakistan wants to make sure its crypto rules follow international standards, especially those set by the Financial Action Task Force (FATF). This is about making sure crypto in Pakistan is safe and not used for illegal activities. After getting the NOCs, Binance and HTX can now set up local offices and start working towards getting fully licensed. Pakistan's finance minister, Muhammad Aurangzeb, met with big names from these exchanges, including Binance CEO Richard Teng and Tron founder Justin Sun. This shows that Pakistan is serious about bringing in crypto businesses. This isn't the first time Pakistan has shown interest in crypto. Earlier, the PVARA had its first board meeting and talked about licensing and tax rules. The Pakistan Crypto Council (PCC) has also been involved, with Binance's CZ as one of its advisers. The chairman of PVARA, Saqib, has even urged the country to take Bitcoin and blockchain technology seriously. He sees them as important for Pakistan's future financial system.