Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal Bin Saqib has said that the no-objection certificates (NOCs) issued to global cryptocurrency exchanges Binance and HTX were not a “blanket approval” but the “first step under a risk-mitigated, phased, supervised entry framework”.
Saqib’s video statement, televised on Sunday, comes after Pakistan gave initial clearance for Binance and HTX on Friday to register with regulators to set up local subsidiaries and begin preparations for full exchange licence applications.
The clearances allow the exchanges to register on the Anti-Money Laundering system, set up local units and prepare full applications.
Speaking about the development, Saqib said the issuance of the NOCs to Binance and HTX was the “first practical step” that reflected a “new mindset”.
He further said that the step was based on the “Pakistan-first” approach.
Saqib detailed that by working under a supervised entry framework, authorities had been able to “control” money laundering and terrorism financing, transparency of ownership and fitness and propreity checks.
More to follow
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