Binance announced today that it has made significant progress in obtaining regulatory approval in Pakistan, following a strategic meeting between Binance's senior management and Pakistani government officials during a visit by Binance executives on December 5. The meeting, led by Binance Co-CEO Richard Teng, symbolizes Binance's commitment to helping Pakistan build a regulated and secure digital asset ecosystem.
During the visit, Binance's senior management met with several key policymakers in Pakistan, focusing on regulatory processes, industry transparency, and the progress of the digital asset industry. These talks reaffirmed Pakistan's commitment to developing a clear and forward-looking regulatory framework for virtual assets.
Binance has obtained Anti-Money Laundering (AML) registration under the framework of the Virtual Asset Regulatory Authority of Pakistan (PVARA), marking an important step towards obtaining a full license and completing local registration in Pakistan. Through this phased approach, Binance will be able to offer cross-border services with AML registration while preparing for a full Virtual Asset Service Provider (VASP) license, aligning with Pakistan's regulatory roadmap.
Binance Co-CEO Deng Weizheng stated, "We are proud to continue our collaboration with the Virtual Asset Regulatory Authority of Pakistan to build a sound, transparent, and inclusive virtual asset ecosystem. We are both committed to unlocking the potential of blockchain technology to benefit millions of people in Pakistan and beyond."
Bilal Bin Saqib, Chairman of the Virtual Asset Regulatory Authority of Pakistan, stated, "Our collaboration with Binance continues to deepen as we work together to create a transparent and innovative future for digital assets in Pakistan. This recent meeting highlights the positive regulatory progress Binance has made in its anti-money laundering registration and licensing process, representing an important step forward in advancing our shared vision."
Binance remains committed to supporting the development of the digital economy in South Asia and looks forward to continuing to work with local regulators and stakeholders to build a sound, transparent and inclusive virtual asset ecosystem.
This article, "Binance's Partnership with Pakistan to Promote the Growth and Regulation of Digital Assets," first appeared on ABMedia, a ABMedia .
