Pakistan says it is moving toward phased crypto regulation after Binance, HTX approvals

Pakistan Virtual Assets Regulatory Authority Bilal bin Saqib is addressing a press conference in Islamabad, Pakistan, on December 14, 2025. (PTV News)
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Updated 14 December 2025
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Pakistan says it is moving toward phased crypto regulation after Binance, HTX approvals

  • The country is among the world’s largest crypto adoption markets, with nearly 40 million users
  • Bilal bin Saqib says the government is not promoting crypto but moving to regulate the sector

ISLAMABAD: Pakistan’s top virtual asset regulatory official said on Sunday the country was laying the foundation for a phased and tightly supervised crypto framework after granting conditional approvals to two global exchanges, signaling a shift from years of regulatory ambiguity toward formal oversight of digital assets.

The Pakistan Virtual Assets Regulatory Authority (PVARA) said this week it had issued no objection certificates (NOCs) to global crypto exchanges Binance and Huobi (HTX). Pakistan has also signed a memorandum of understanding with them to explore what the finance ministry described as the “tokenization” of up to $2 billion in sovereign bonds, treasury bills and commodity reserves, an initiative aimed at boosting liquidity and attracting investors.

“The no objection certificate given to Binance and Huobi is the first practical step of this new thinking,” PVARA chief Bilal bin Saqib said at a briefing. “Let me make it clear that this NOC is not a shortcut. This is not a blanket approval.”

He said the approvals marked the start of a risk-mitigated, phased and supervised entry framework, adding that platforms would be subject to strict anti-money laundering and counter-terrorism financing requirements, ownership transparency checks and enforcement-linked licensing timelines.

“This is not a new experiment,” he said, pointing to phased regulatory approaches adopted in financial centers such as Dubai, the United Kingdom and Singapore, where firms are first brought under supervision before being allowed to expand operations.

Pakistan is among the world’s largest crypto adoption markets, with estimates putting the number of users between 30 and 40 million, despite the absence of a comprehensive regulatory framework. Saqib said ignoring the sector was no longer viable, warning that unregulated adoption posed greater risks to the economy and consumers.

“We don’t want to promote crypto,” he said. “We want to regulate crypto. Adoption is already there.”

​He said the framework was designed to prepare Pakistan for longer-term developments in digital finance, including tokenized assets, compliance technology, blockchain analytics and digital payment infrastructure, while ensuring that local talent is channeled into regulated and productive use.

“For the international community, the message is clear,” Saqib said. “Pakistan is not running away from innovation. Pakistan is welcoming innovation. Pakistan is regulating innovation.”


Nine killed, one child injured as avalanche hits house in northwest Pakistan

Updated 23 January 2026
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Nine killed, one child injured as avalanche hits house in northwest Pakistan

  • Avalanche strikes family home in Arandu area of Lower Chitral district
  • Heavy snowfall cuts off towns and villages across northern Pakistan

PESHAWAR/QUETTA: At least nine people were killed while an injured child was rescued alive when an avalanche struck a house in a mountainous district of northwestern Khyber Pakhtunkhwa province, officials said on Friday, as the Pakistan Meteorological Department (PMD) warned of more rain and snowfall in the area along with southwestern Pakistan.

The incident occurred in the Arandu region of Lower Chitral district, affecting members of the same family, as the PMD urged tourists to avoid unnecessary travel while authorities worked to prevent weather-related emergencies.

Rescuers evacuated dozens of residents and tourists as heavy snow blocked roads in Khyber, South Waziristan and Swat districts, where authorities cleared routes and provided food, clothing and bedding, the Rescue 1122 service said.

“An avalanche fell in Sarigal village of Arandu, a far-flung area in subdivision Drosh,” Deputy Commissioner of Lower Chitral Rao Hashim Azeem told Arab News over the phone.

“Ten people from the same family came under the avalanche in which nine were found dead and one child was rescued alive,” he added. “Police, Chitral scouts, rescue and local administration took part in the operation.”

Azeem said the rescue efforts were hampered by heavy snowfall and the area’s remote location, adding that the bodies were taken to Drosh for burial.

Heavy snow hit Azad Kashmir, Gilgit-Baltistan, Murree, and Galiyat, stranding vehicles and causing power outages, local media reported.

“The system causing rain/snowfall is active over northern parts of the country,” the PMD said in its advisory on Friday at noon, predicting more showers and snow in the next few hours.

“Tourists [are] advised to stay vigilant and avoid unnecessary travel during rain and snowfall,” it added.

TEMPERATURE DROP IN BALOCHISTAN

The PMD said temperatures in several in districts southwestern Balochistan province dropped to –9°C as a snowstorm with strong winds hit Quetta, Kalat, Chaman, Killa Saifullah, Nushki and Loralai, disrupting daily life.

“Dozens of vehicles including passenger buses have been stranded at N-50 highway near Muslim Bagh due to heavy snowfall since Thursday night,” Assistant Commissioner Muslim Bagh Dheeraj Kalra told Arab News.

“District administration accompanied by PDMA [Provincial Disaster Management Authority] Balochistan removed the snow from the N-50 highway and opened the roads for traffic on Friday morning.”

Meanwhile, PMD Balochistan Deputy Director Muhammad Afzal said the next spell of snowfall and rain would hit the southwestern parts of the country from Jan. 25 to 27 but will not be as harsh as the first one.

“The recent system of snowstorm entered Balochistan through the Iran-Afghan border which dropped the mercury to –9°C and this freezing temperature will continue till tomorrow evening,” he said.

Weather authorities this week forecast intermittent rains and snowfall in northern regions of the country between Jan. 21 and Jan. 24, with heavy snowfall likely in upper and hilly areas of the province.

Tens of thousands of tourists flock to Pakistan’s scenic north every winter to witness snowfall, often neglecting warnings from disaster management authorities.

In Jan. 2022, at least 21 people, including children, died after they were stuck in freezing temperatures during a snowstorm in the Pakistani hill station of Murree.

In view of the situation, Federal Minister Abdul Aleem Khan on Friday directed the National Highway Authority (NHA) to ensure that all highways remain open and fully operational under all circumstances.

“The minister has instructed NHA field staff to remain on high alert and to maintain 24/7 monitoring of weather conditions on highways in snowfall-affected areas,” the Pakistani information ministry said.

“He emphasized that ensuring uninterrupted traffic flow on national highways, particularly in upper regions, is a top priority.”