Pakistan accelerates digital-asset overhaul with Binance tokenisation pact

Pakistan’s fast-moving digital-finance reform drive took another step forward on Friday as the government confirmed it has granted early regulatory clearances to global exchanges Binance and HTX while separately signing an MoU with Binance to study the tokenisation of major state assets.

The Pakistan Virtual Assets Regulatory Authority said the preliminary approvals follow a review of both platforms’ governance practices and compliance systems. The clearances allow the exchanges to register under national Anti Money Laundering protocols, set up local units and begin preparing full licence applications. Chair Bilal bin Saqib said the staggered licensing framework means progress will depend on demonstrated compliance strength.

Alongside the regulatory action, the Ministry of Finance announced it has inked a memorandum of understanding with Binance to evaluate digitising up to two billion dollars worth of government-owned real-world assets. The discussions will cover sovereign bonds, treasury bills and commodity reserves including oil, gas and metals. The ministry described the initiative as an effort to enhance liquidity, transparency and foreign market access.

Tokenisation, the process of creating digital representations of such assets, is gaining traction globally as countries tighten oversight of crypto markets. The United Arab Emirates, Japan and parts of the European Union have introduced formal licensing structures for exchanges, a trend Pakistan is now moving to join.

Finance Minister Muhammad Aurangzeb said the MoU reflects Pakistan’s reform momentum and the potential for a long-term partnership in blockchain-based asset distribution. Binance founder Changpeng Zhao called the agreement a strong signal for both Pakistan and the broader blockchain industry, saying it marks the beginning of preparations for a full rollout of the tokenisation model.

Pakistan’s rapid pivot toward digital-asset regulation includes the creation of the Pakistan Crypto Council, establishment of the new Virtual Assets Regulatory Authority and drafting of a comprehensive licensing regime. A central bank digital currency pilot and a Virtual Assets Act are scheduled for 2025.

Saqib recently noted at Binance Blockchain Week Dubai 2025 that Pakistan stands as the world’s third-largest market for retail crypto activity. Earlier this year, the finance ministry said the Crypto Council had signed a letter of intent with U.S.-based World Liberty Financial to study stablecoin usage, tokenised infrastructure and other digital-asset applications.