PVARA Issues NoCs to Global Crypto Exchanges as More Seek Pakistan Entry

Pakistan’s growing virtual asset sector could create new opportunities for freelancers and other digital workers to receive international earnings through formal financial channels. The Pakistan Virtual Assets Regulatory Authority (PVARA) has started issuing no-objection certificates (NoCs) to major global crypto exchanges. Binance and HTX are among the global exchanges that have received NoCs, while PVARA has reportedly received around 70 more applications from international digital asset platforms seeking regulated operations in Pakistan.

The increased interest from global exchanges could help expand Pakistan’s digital asset ecosystem. Potential areas include virtual asset trading, investment, custody, tokenisation and blockchain-based financial services, subject to regulatory approval.

Pakistan Moves to Regulate Global Crypto Exchanges as Freelancer Earnings Rise

Tokenisation involves converting ownership rights in a real-world asset, such as property, artwork or company shares, into digital tokens that can be recorded on a blockchain.

Gracy Chen, CEO of Bitget, said the interest from international digital asset companies reflects the policy steps being taken by the government and regulators. She said a regulated virtual asset sector could also support Pakistan’s wider digital economy, particularly freelancers, software developers, remote workers and other professionals earning money from international clients.

According to Chen, regulated platforms could potentially provide faster ways for digital workers to settle international earnings and convert digital assets into local currency. However, such services would depend on applicable regulations, foreign exchange rules, anti-money laundering requirements and banking arrangements.

She also stressed the importance of establishing compliant links between licensed virtual asset service providers, banks and payment companies. Such arrangements would be necessary if digital exchanges are to play a larger role in international payments.

Pakistan has nearly three million freelancers, making it one of the world’s major freelance markets. State Bank of Pakistan data cited in the report showed that Pakistani freelancers generated a record $1.76 billion in foreign exchange during the 2025-26 financial year.

Despite this growth, freelancers continue to face challenges when receiving international payments. Pakistan Freelancers Association (PAFLA) Chairman Ibrahim Amin said the role of international digital exchanges should go beyond cryptocurrency trading and tokenisation.

Amin said regulated platforms could potentially help connect Pakistan’s digital workforce with international financial infrastructure. They could also help freelancers receive payments more quickly and potentially lower transaction costs, provided compliant banking and payment arrangements are available.

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He added that many Pakistani freelancers are young technology professionals who are already familiar with cryptocurrencies, stablecoins and international investment products. According to him, freelancers with higher earnings could also benefit from access to more regulated savings and investment options, including global equities and digital assets where permitted.

However, digital exchanges cannot automatically operate as international payment providers simply because they receive regulatory approval. Their ability to handle freelancer payments will depend on the activities allowed under their licences, foreign exchange regulations and their relationships with banks and payment institutions.

A regulated virtual asset market could nevertheless give Pakistan another channel for bringing digital earnings into the formal financial system. As the country’s freelance and technology workforce continues to expand, the development of compliant digital financial services could become an important part of the wider digital economy.