Summary
- The Pakistan Virtual Asset Regulatory Authority has granted preliminary approval to Binance and HTX.
- Those exchanges can now prepare for license application procedures and must go through regulatory compliance steps such as registering with the AML system.
- PVARA emphasized that this measure is not a full operating license and said it is part of an initiative to strengthen the virtual asset ecosystem.
Pakistan has granted preliminary approval to Binance and HTX.
On the 12th (Korea time), Investing.com reported that the Pakistan Virtual Asset Regulatory Authority (PVARA) said Binance and HTX can prepare for the full license application process.
The Pakistan Virtual Asset Regulatory Authority issued a 'No Objection Certificate (NOC)' after reviewing each exchange's governance, compliance and risk management systems. Through this, the two exchanges can register with anti-money laundering (AML) systems, establish regulated local subsidiaries, and prepare to submit full license applications once related regulations are announced. However, PVARA explained that this approval is "not a full operating license."
Bilal bin Saqib, chairman of PVARA, said, "This approval is the start of a new chapter," and explained, "Only platforms that have completed full compliance procedures in line with global anti-money laundering and counter-terrorist financing standards will be able to proceed with the licensing process."
This move by Pakistan's regulators is interpreted as part of an initiative to strengthen the domestic virtual asset ecosystem. Earlier, Bilal bin Saqib, PVARA chairman, at the 'Bitcoin MENA Conference' held in Abu Dhabi, emphasized that "Bitcoin (BTC), digital assets, and blockchain are not means of speculation but key elements of national infrastructure," and said they are "assets essential for building Pakistan's new financial system."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
