Pakistan signs a non-binding MoU with Binance to tokenize up to $2b in state assets, advance a sovereign stablecoin, and move Binance, HTX into Pakistan’s phased licensing regime.
Summary
- Pakistan and Binance sign an MoU to explore tokenizing up to $2 billion in sovereign bonds, T-bills, and commodity reserves such as oil, gas, and metals.
- Binance and HTX receive initial AML and registration clearances under Pakistan’s new virtual asset framework, enabling them to seek full exchange licenses.
- The initiative sits inside Pakistan’s wider digital asset agenda, including a planned sovereign stablecoin, CBDC pilot, and new bodies like PVARA and Pakistan Crypto Council.
Pakistan has signed a memorandum of understanding with cryptocurrency exchange Binance to explore tokenizing up to $2 billion in state-owned assets and advancing plans for a national stablecoin, according to an announcement from the parties.
Binance Coin and Pakistan cosy up
Under the agreement, Binance will provide advisory services on blockchain-based distribution of sovereign bonds, treasury bills, and commodity reserves including oil, gas, and metals, the parties stated.
Finance Minister Muhammad Aurangzeb described the MoU as a step toward a “long-term partnership” with Binance, emphasizing commitment to fast, high-quality execution, according to official statements.
The agreement is non-binding and requires formal contracts within six months, subject to regulatory approval, the announcement indicated.
Binance founder Changpeng Zhao said the MoU signals Pakistan’s move toward full deployment of its tokenization initiative, according to his statement.
Alongside the MoU, Pakistan’s financial regulator granted preliminary clearances to Binance and cryptocurrency exchange HTX, allowing them to register with the country’s Anti-Money Laundering system and prepare full license applications, though full operations are not yet permitted, regulatory officials confirmed.
The initiative forms part of Pakistan’s broader digital asset agenda. The country ranks as the world’s third-largest crypto market by retail activity, with an estimated 40 million users and annual trading volume exceeding $300 billion, according to industry data.
Pakistan is also planning a sovereign stablecoin to collateralize government debt and is piloting a central bank digital currency, officials said.
These developments follow recent regulatory steps, including the establishment of the Pakistan Crypto Council and the Pakistan Virtual Assets Regulatory Authority, as well as prior agreements exploring stablecoin infrastructure and real-world asset tokenization.
