Pakistan has taken a significant step towards integrating blockchain technology into its national financial infrastructure by signing a Memorandum of Understanding (MoU) with cryptocurrency exchange Binance. The non-binding agreement enables Binance to provide advisory support for the potential tokenization of up to $2 billion in state-owned assets, including sovereign bonds, treasury bills, and commodity reserves such as oil, gas, and metals.
Finance Minister Muhammad Aurangzeb framed the MoU as a cornerstone of Pakistan's economic reform agenda, emphasizing a shift towards execution. "What we have signed today reflects a long-term partnership," Aurangzeb stated, adding that the government is committed to delivering results with "speed and quality." The advisory role of Binance founder Changpeng Zhao was highlighted as a signal of Pakistan's serious intent to become a regional hub for crypto innovation.
Concurrently, Pakistan's regulatory framework is advancing. The country's Virtual Assets Regulatory Authority (PVARA) has granted preliminary No Objection Certificates (NOCs) to both Binance and HTX. These certificates allow the exchanges to register with regulators and begin preparing applications for full operating licenses, marking the first phase of a supervised market-entry process. PVARA Chair Bilal bin Saqib clarified that the NOCs are not full licenses but are part of a broader effort to formalize digital-asset activity.
This push for regulation is driven by substantial domestic crypto adoption. Pakistan ranks third globally in the 2025 Chainalysis Crypto Adoption Index, with an estimated 30–40 million users and annual trading volumes that can exceed $300 billion. Beyond tokenization and exchange licensing, Pakistan is also moving forward with plans for a national stablecoin backed by government debt and early-stage discussions around a Central Bank Digital Currency (CBDC), as part of a comprehensive digital finance reform strategy.
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