Pakistan’s parliament summoned in midst of crisis over former PM Khan 

Security personnel patrol outside the Parliament House building in Islamabad on April 9, 2022. (AFP/FILE)
Short Url
Updated 21 March 2023
Follow

Pakistan’s parliament summoned in midst of crisis over former PM Khan 

  • Khan’s supporters have clashed with police several times over recent days during his court appearances
  • Speaker says ruling coalition called for parliament to “take important decisions” to enforce state’s writ

ISLAMABAD, March 21 : Pakistan’s parliament is to meet in a special joint session on Wednesday to “take important decisions” to enforce the state’s authority, media reported, in the midst of a crisis over anti-government defiance by former Prime Minister Imran Khan. 

Former cricket star Khan was prime minister from 2018 until 2022, when he was ousted from office in a parliamentary vote. Since then, he has been demanding a new election and holding protests across the country to press his case. 

His supporters have clashed with police several times over recent days as authorities try to force him to appear in court in connection with various cases brought against him. 

The office of the speaker of parliament, in calling Wednesday’s joint session, did not give a reason but the state-run Associated Press of Pakistan (APP) said the ruling coalition had called for parliament to “take important decisions” to ensure the writ of the state was enforced. 

The APP, reporting on a meeting attended by Prime Minister Shehbaz Sharif and his cabinet, cited the participants as saying Khan’s Pakistan Tehreek-e-Insaf (PTI) was not a political party but “rather a gang of militants,” and its “enmity against the state” could not be tolerated. 

Sharif has rejected Khan’s demand for a new election saying it would be held as scheduled later this year. 

Parliament will meet in the capital, Islamabad, as Khan’s supporters gather for his latest rally in the eastern city of Lahore. 

The clashes between Khan’s supporters and the security forces have brought a new round of political chaos to the nuclear-armed country of 220 million people, which is in the midst of a crippling economic crisis. 

Khan says the government and the powerful military are trying to stop him from contesting the next election, scheduled for November. If convicted in a case, Khan could face disqualification from the polls. 

Both the government and military deny this. 

Police have arrested hundreds of Khan’s supporters in raids in recent days in response to the clashes. 
 


Pakistan clears global crypto exchanges Binance, HTX under new regulatory framework

Updated 7 sec ago
Follow

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.