Binance announced today (12th) that it has made significant progress in obtaining regulatory approval in Pakistan. Previously, Binance's senior management held strategic talks with Pakistani government officials during their visit on December 5th. The meeting was led by Binance co-CEO Richard Teng, symbolizing Binance's commitment to assisting Pakistan in building a regulated and secure digital asset ecosystem.
During this visit, Binance's senior management communicated with several important policymakers in Pakistan, focusing on regulatory processes, industry transparency, and the progress of the digital asset industry. These discussions reaffirmed Pakistan's commitment to establishing a clear and forward-looking regulatory framework for virtual assets.
Binance has obtained Anti-Money Laundering (AML) registration in accordance with the framework of the Pakistan Virtual Assets Regulatory Authority (PVARA), marking an important step towards acquiring a full license and completing local registration in Pakistan. This phased approach will allow Binance to provide cross-border services with AML registration while preparing to obtain a complete 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 Pakistan Virtual Assets Regulatory Authority to build a robust, transparent, and inclusive virtual asset ecosystem. We are all committed to unleashing the potential of blockchain technology to benefit millions in Pakistan and beyond."
The Chairman of the Pakistan Virtual Assets Regulatory Authority, Bilal Bin Saqib, stated: "Our cooperation with Binance continues to deepen, and both sides are working together to create a transparent and innovative future for Pakistan's digital assets. Recent meetings highlight Binance's positive regulatory progress in the anti-money laundering registration and licensing application process, which is an important step forward in advancing our shared vision."
Binance will continue to commit to supporting the digital economic development in South Asia and looks forward to continuing to promote collaboration with local regulatory bodies and stakeholders to jointly build a robust, transparent, and inclusive virtual asset ecosystem.
(The above content is provided by Binance)
"Binance collaborates with Pakistan to promote digital asset growth and regulatory development" was first published on (BlockKey).
