Lucía Peña
Pakistan is stepping up its push into digital assets after signing a memorandum of understanding (MoU) with Binance to explore the tokenization of up to $2 billion in state-owned assets and advance plans for a national stablecoin.
Announced by the Ministry of Finance, the agreement positions Binance as an advisor on blockchain-based issuance and distribution of sovereign instruments, including government bonds, treasury bills, and commodity reserves such as oil, gas, and metals.
Finance Minister Muhammad Aurangzeb described the MoU as a clear indicator of Pakistan’s reform agenda and a foundation for a long-term collaboration with the world’s largest crypto exchange.
According to Aurangzeb, the focus now shifts from planning to execution, emphasizing speed, delivery, and institutional coordination as Pakistan modernizes its financial infrastructure.
Binance founder Changpeng “CZ” Zhao, who also serves as a strategic advisor to the Pakistan Crypto Council, said the agreement sends a strong message to the global blockchain sector.
While the MoU is non-binding, it outlines a six-month window to finalize definitive agreements, contingent on regulatory approvals. Zhao noted that the partnership marks the transition from concept to practical deployment of tokenization initiatives.
Binance and HTX Receive Preliminary Regulatory Clearance
In parallel with the MoU, Pakistan’s regulator granted preliminary approvals to both Binance and HTX, allowing them to begin the local licensing process.
The issued No Objection Certificates (NOCs) enable the exchanges to register within Pakistan’s anti-money laundering framework and prepare full license applications, though they are not yet authorized to operate domestically.
Pakistan Emerges as a Major Crypto Market
The approvals follow a public invitation issued by the Pakistan Virtual Assets Regulatory Authority (PVARA) for global crypto firms to apply for local licenses.
According to PVARA Chairman Bilal bin Saqib, Pakistan ranks as the third-largest crypto market globally by retail participation, with an estimated 40 million users and annual trading volumes exceeding $300 billion.
Binance stated that this phased approach allows it to begin AML-compliant cross-border services while continuing to work toward full authorization under Pakistan’s regulatory roadmap.
Pakistan Confirms Plans for a Sovereign Stablecoin
The Binance agreement builds on recent confirmations that Pakistan will launch a national stablecoin.
Speaking at Binance Blockchain Week in Dubai, Saqib said the stablecoin could be used to collateralize government debt, while also revealing that Pakistan is developing a central bank digital currency (CBDC) pilot.
He emphasized that Pakistan aims to lead — not follow — in financial digitalization, citing strong adoption and technical capacity as key advantages.
Rapid Expansion of Pakistan’s Crypto Framework
Over the past year, Pakistan has moved quickly to formalize its crypto ecosystem. The government established the Pakistan Crypto Council in March and launched PVARA in July to oversee virtual asset regulation.
In April, World Liberty Financial, backed by former U.S. President Donald Trump, signed a letter of intent to explore stablecoin infrastructure and real-world asset tokenization with the Council.
A month later, Pakistan unveiled plans for a strategic government Bitcoin reserve and allocated 2,000 megawatts of power to support Bitcoin mining and AI data centers, underscoring the scale of its digital asset ambitions.
