MoU with Binance Targets Tokenisation of Up to $2 Billion in State Assets
KARACHI: Pakistan has taken a major step toward digital finance by signing a memorandum of understanding with global crypto exchange Binance to examine the tokenisation of up to $2 billion worth of government assets, including sovereign bonds, treasury bills, and commodity reserves. The initiative aims to enhance liquidity and draw international investment, the finance ministry announced on Friday.
In a parallel development, Pakistan has granted preliminary approval to Binance and digital-asset platform HTX to begin the process of registering with local regulators. According to the Virtual Assets Regulatory Authority, both firms may now establish local subsidiaries and start preparing applications for full exchange licences.
The finance ministry said the MoU sets the foundation for potential collaboration on using blockchain technology to digitally represent and distribute Pakistan’s real-world assets. These assets could include government-held sovereign debt instruments as well as commodity reserves such as oil, gas, metals, and other raw materials.
Tokenisation involves converting physical or financial assets into digital tokens on a blockchain, making them easier to trade and manage. Pakistan’s move follows a global trend, as countries including the United Arab Emirates, Japan, and several European Union members expand formal regulatory frameworks for crypto exchanges amid tightening international oversight.
Officials noted that the project could cover assets worth up to $2 billion, pending regulatory approvals, with the goal of improving market liquidity, transparency, and access for global investors.
Finance Minister Muhammad Aurangzeb described the MoU as a reflection of Pakistan’s reform-driven direction and the start of a long-term partnership. Binance founder Changpeng Zhao welcomed the agreement, calling it a strong signal for both Pakistan and the global blockchain ecosystem, and said it marks the first step toward full-scale implementation of the tokenisation plan.
The Pakistan Virtual Assets Regulatory Authority confirmed it had issued early approvals to Binance and HTX after assessing their governance standards and compliance frameworks. These approvals allow the companies to register under the Anti-Money Laundering regime, establish local operations, and advance toward full licensing.
Authority Chair Bilal bin Saqib said the approvals launch Pakistan’s phased licensing process and emphasised that strong compliance will be key in determining which exchanges progress further. Speaking earlier this week at Binance Blockchain Week Dubai 2025, he noted that Pakistan ranks as the world’s third-largest crypto market by retail participation.
Looking ahead, Pakistan plans to launch a central bank digital currency pilot and introduce a Virtual Assets Act in 2025. The finance ministry also revealed that Pakistan’s crypto council has signed a letter of intent with US-based World Liberty Financial to explore stablecoin adoption, asset tokenisation, and broader digital-asset infrastructure development.
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