HTX Secures Key Approval to Enter Pakistan’s Booming Crypto Market

ISLAMABAD, Pakistan – December 12, 2025 – Global digital asset exchange HTX announced today it has received a No Objection Certificate (NoC) from the Pakistan Virtual Asset Regulation Authority (PVARA), marking a pivotal first step toward obtaining a full operating license in the country. The move positions HTX as one of the first international crypto platforms to formally engage with Pakistan's new regulatory framework, signaling a new era of structured digital asset adoption in the South Asian nation.

The NoC allows HTX to begin the formal licensing process under Pakistan's recently enacted Virtual Assets Ordinance, 2025. This preliminary approval is a significant milestone, enabling the exchange to register with the country's Financial Monitoring Unit (FMU) for anti-money laundering (AML) compliance while it pursues full Virtual Asset Service Provider (VASP) authorization.

"Pakistan is one of the fastest-growing crypto markets in the world, with millions of young, tech-savvy users eager to participate in the global digital economy," commented Justin Sun, Global Advisor to HTX. "We are honored to be granted this NoC by PVARA and are committed to working closely with the Authority to set the highest industry standards of compliance, transparency, and user protection."

A New Regulatory Dawn in a Crypto Hotspot

The approval comes just months after Pakistan promulgated its Virtual Assets Ordinance in July 2025, a landmark piece of legislation designed to bring clarity and oversight to a market that has flourished in a regulatory grey area. The ordinance established PVARA as an autonomous body to license, regulate, and supervise VASPs, aligning the country with international standards set by the Financial Action Task Force (FATF).

Until now, Pakistan’s massive crypto market—ranked third globally for retail adoption by analytics firm Chainalysis—has operated primarily through peer-to-peer (P2P) networks and on global exchanges without a formal local presence. The new framework aims to change that by creating a structured pathway for compliant companies to operate legally. The NoC is the critical first step in this journey, signifying that a platform's governance and compliance structures are deemed adequate by the regulator to proceed with a full license application. It is not, however, a full operating license.

With this certificate, HTX will now be able to establish a regulated local subsidiary and integrate with the FMU's goAML system for reporting suspicious transactions. Full VASP authorization will require adherence to a host of stringent rules, including robust Know Your Customer (KYC) protocols, real-time transaction monitoring, and compliance with the FATF's "Travel Rule" for cross-border asset transfers.

HTX's Strategic Play for a Youthful Market

HTX's entry into Pakistan is a calculated move to tap into one of the world's most promising digital economies. With over 60% of its 240 million people under the age of 30 and a median age of just 23, the country boasts a vast, digitally native population. This demographic has driven explosive growth in crypto adoption, with estimates projecting the number of crypto users in Pakistan to reach over 27 million by the end of 2025.

For many Pakistanis, digital assets have become a crucial financial tool. Faced with high inflation and a depreciating rupee, citizens have turned to cryptocurrencies, particularly US dollar-pegged stablecoins like Tether (USDT), as a hedge and a stable store of value. A 2023 survey indicated that key motivations for crypto investment included long-term wealth accumulation and the sheer convenience of digital transactions.

The scale of the market is immense, with annual trading volumes from Pakistan-based wallets estimated to be around $25 billion. However, HTX, which serves over 50 million users globally, is not alone in recognizing this opportunity. Rival exchange Binance received its NoC from PVARA on the same day, setting the stage for a competitive race to capture market share. Other global platforms like OKX, Bybit, and KuCoin are also widely used in the country, but HTX's move to secure formal regulatory approval could provide a significant advantage in building trust and attracting institutional interest.

Beyond Trading: Transforming Pakistan's Digital Economy

The arrival of regulated global exchanges is poised to have an impact far beyond speculative trading. Experts believe it could catalyze a broader transformation of Pakistan's digital economy, particularly in the areas of financial inclusion and remittances. With a large unbanked population and smartphone penetration nearing 80%, regulated crypto platforms offer a new gateway to the financial system for millions.

Remittances represent one of the most compelling use cases. Pakistan is a major recipient of funds from its overseas diaspora, but traditional remittance channels are often slow and costly, with fees averaging around 7%. Crypto-based transfers can be completed in minutes for a fraction of the cost, potentially saving Pakistani families and businesses hundreds of millions of dollars annually. In 2022 alone, an estimated $936 million was sent to Pakistan via crypto channels, saving recipients approximately $186 million in fees.

Government officials have signaled their support for this digital shift. The new ordinance includes provisions for a regulatory sandbox to test innovative blockchain solutions and a Shariah Advisory Committee to evaluate products for compliance with Islamic finance principles. According to one local fintech expert, the structured framework demonstrates Pakistan's commitment to "responsible innovation and financial discipline," viewing digital assets as "foundational infrastructure for a new financial system in the global south." The path forward for HTX involves a rigorous process of meeting PVARA's comprehensive compliance standards, but this initial approval represents a landmark moment in Pakistan's journey to legitimize and harness the power of the digital asset industry.