ISLAMABAD: Pakistan’s newly appointed Interior Minister Mohsin Naqvi met Saudi Ambassador Nawaf bin Said Al-Malki on Thursday to discuss bilateral relations and matters of mutual interest, the interior ministry said, in what was Naqvi’s first foreign interaction since assuming charge of office.
Naqvi, who was sworn in this week as a member of the federal cabinet, assumed charge as the country’s interior minister on Wednesday. He previously served as the caretaker chief minister of Pakistan’s most populous Punjab province from Jan. 2023 to Feb. 2024 and is currently the chairman of the Pakistan Cricket Board (PCB).
Malki met Naqvi at the Diplomatic Enclave in Islamabad during which the Saudi ambassador congratulated him on assuming charge of his office, Pakistan’s interior ministry said.
“During the meeting matters of mutual interest, promoting bilateral ties and enhancing cooperation in various fields were discussed,” the ministry said.
Naqvi thanked the Saudi envoy for cooperating with the Punjab government during his tenure.
“Saudi Arabia has supported Pakistan in every trial,” Naqvi said, according to the ministry. “Saudi Arabia is like a second home for Pakistanis.”
The minister credited Malki for playing an “exemplary role” in strengthening Pakistan’s ties with Saudi Arabia.
“All of us are proud of our historic friendship with Saudi Arabia,” he said.
Pakistan and Saudi Arabia enjoy strong trade and defense relations. The Kingdom is home to over 2.7 million Pakistani expatriates, serving as the top destination for remittances for the cash-strapped South Asian country.
Pakistan interior minister meets Saudi envoy in first foreign interaction since taking office
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Pakistan interior minister meets Saudi envoy in first foreign interaction since taking office
- Both discussed matters of mutual interest, enhancing cooperation says interior ministry
- Interior Minister Mohsin Naqvi credits Saudi Arabia for supporting Pakistan in difficult times
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.
