ISLAMABAD: The Khalifa bin Zayed Al Nahyan Foundation, United Arab Emirates charity organization, has announced (AED) 4 million dirhams or $1.089 million for Pakistanis affected by floods in the Sindh and Balochistan provinces, the UAE embassy in Pakistan said on Wednesday.
Hamad Obaid Ibrahim Al Zaabi, the ambassador of the United Arab Emirates to Pakistan, said in a statement that the Foundation, in coordination with the UAE Embassy in Islamabad, would implement an emergency relief program worth 4 million dirhams which would reach around 75,000 people.
“Emergency assistance provided by the Khalifa Foundation comes to strengthen the concept of UAE’s humanitarian and charitable role and persistence of its relief and development initiatives in many brotherly and friendly countries,” Zaabi said, adding that emergency assistance included in the first phase medicines, tents, blankets and food items for affectees in the southern Sindh province, especially cities and towns near the Indus River.
Zaabi said the humanitarian support bolstered the UAE’s commitment to stand consistently with the people of Pakistan, adding that the donation was the implementation of the directives of President Sheikh Khalifa bin Zayed Al Nahyan, with the support of Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
According to data from Pakistan’s National Disaster Management Authority (NDMA) issued on Tuesday, between June 15 and August 31, 176 people were killed and 101 injured in rain-related incidents around the country. The southern Sindh province has been the worst-hit, with 72 dead, including 17 children.
UAE’s Khalifa Foundation announces four million dirhams for Pakistan flood affectees
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UAE’s Khalifa Foundation announces four million dirhams for Pakistan flood affectees
- The emergency relief program will reach around 75,000 people in the first phase, UAE ambassador to Pakistan says
- The humanitarian support bolsters the UAE’s commitment to stand consistently with the people of Pakistan, embassy says
Pakistan clears global crypto exchanges Binance, HTX under new regulatory framework
- NOCs allow Binance, HTX to conduct engagement activities within Pakistan, says regulator PVARA
- Says move allows entities to open subsidiaries in Pakistan but doesn’t constitute as operating license
ISLAMABAD: The Pakistan Virtual Assets Regulatory Authority (PVARA) announced on Friday that it has granted no objection certificates (NOCs) to global crypto exchanges Binance and HTX, the latest in a series of moves by Islamabad to regulate its fast-growing virtual assets market.
PVARA said the NOCs were granted following a review process it conducted with public sector stakeholders which focused on governance structures, compliance frameworks, risk management controls and alignment with Pakistan’s emerging regulatory requirements for virtual asset activities.
Pakistan has been moving to regulate its fast-growing crypto and digital assets market by bringing virtual asset service providers (VASPs) under a formal licensing regime. Officials say the push is aimed at curbing illicit transactions, improving oversight and encouraging innovation in blockchain-based financial services.
“The introduction of this structured NOC framework demonstrates Pakistan’s commitment to responsible innovation and financial discipline,” Finance Minister Muhammad Aurangzeb was quoted as saying in a press release issued by PVARA.
The regulatory authority said the NOCs allow Binance and HTX to conduct preparatory and engagement activities within Pakistan under “defined regulatory oversight,” clarifying that it does not constitute a “full operating license.”
The NOCs allow Binance and HTX to begin registration on the FMU goAML, Pakistan’s anti–money laundering reporting platform, as reporting entries. It also allows them to engage with the Securities and Exchange Commission of Pakistan (SECP) regulator to incorporate their subsidiaries in the country.
HTX and Binance can also prepare and submit their full VASP license applications once licensing regulations are promulgated and provide anti-money laundering (AML) registered services after the completion of their goAML registration.
“PVARA will continue to engage with domestic and international stakeholders as it advances subsequent phases of its regulatory framework,” the authority said.
“Additional guidance regarding licensing standards, compliance obligations and supervisory expectations for virtual asset service providers will be issued in due course.”
Chairman PVARA Bilal Bin Saqib said issuing the NOCs marks the first step toward a fully licensed and regulated environment for digital assets in Pakistan.
“By adopting a phased and internationally aligned approach, Pakistan is ensuring that only well-governed, fully compliant global platforms progress toward full licensing,” Saqib was quoted as saying by PVARA.
According to PVARA, Pakistan already ranks at number three in crypto adoption and is home to an estimated 30 to 40 million users.
It said industry-wide assessments estimate that annual digital asset trading activity linked to Pakistan exceeds $300 billion.
The development takes place days after Prime Minister Shehbaz Sharif met a delegation of Binance in Islamabad, led by its CEO Richard Teng, to discuss regulating digital assets in Pakistan.
