Pakistan's Crypto Leap: Tokenising the Future with Binance

Pakistan partners with Binance to explore tokenising $2 billion in sovereign bonds and asset reserves, enhancing liquidity and attracting investors. The finance ministry announced regulatory clearances for Binance and HTX to set up local subsidiaries. This move puts Pakistan on the path to a major digital finance overhaul.

Pakistan has embarked on a pioneering crypto venture, signing a memorandum of understanding with Binance to investigate the tokenisation of $2 billion worth of sovereign bonds and asset reserves. The finance ministry announced this initiative as a strategy to boost liquidity and attract international investors.

In a parallel development, Pakistan granted initial clearances for Binance and HTX to register with regulators, preparing them for full exchange license applications. This decision aligns with Pakistan's broader effort to establish a robust regulatory framework for digital assets.

Finance Minister Muhammad Aurangzeb highlighted the agreement as a milestone in Pakistan's reform journey, signalling a strong commitment to joining the global blockchain industry. As the nation ramps up its digital finance transition, plans are in motion for a central bank digital currency and a Virtual Assets Act by 2025.

(With inputs from agencies.)