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ISLAMABAD, Dec 14 (APP):Special Assistant to Prime Minister on Blockchain and Crypto and Chairman Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal Bin Saqib on Sunday said that no-objection certificates (NOCs) were issued to global cryptocurrency exchanges, including Binance and Huobi (HTX), which would open new avenues for the promotion of digital assets.
Addressing a press conference, he said that the issuance of the NOC for two cryptocurrency exchanges was not a blanket approval, adding that it was the first step under a risk-mitigated, phased, supervised entry framework to develop and strengthen the digital assets.
Pakistan, for the first time, opened a regulated, transparent and globally compliant pathway for global exchanges, he said, adding that the issuance of the NOCs was a practical step towards a new regulatory vision, which would help further strengthen digital assets management in the country.
He said the newly introduced framework will enable effective monitoring of anti-money laundering measures and counter-terrorism financing with a timely and informed decision-making within the financial system, which was essential.
Pakistan, he said, was ranked among the world’s top three crypto-adopting countries, adding that about 30 to 40 million Pakistanis were actively using digital assets. He said that the $100 trillion global bond market is shifting towards digital systems, which, underscored the importance of regulating crypto assets.
He said Pakistan aims to become a global model in digital assets regulation, adding that The the country will strengthen its sovereignty through technology over the next decade in order to empower a large bulge of youth with innovative financial solutions.
He said the framework was designed to prepare Pakistan for longer-term developments in digital finance, including tokenized assets, compliance technology, blockchain analytics and digital payment infrastructure, while ensuring that local talent is channelled into regulated and productive use.
For the international community, the message is clear that Pakistan is not running away from innovation, he said, adding that Pakistan was welcoming innovation and regulating innovation.