Pakistan has signed a Memorandum of Understanding with global crypto exchange Binance to examine the tokenisation of government-owned assets worth up to $2 billion, the finance ministry has confirmed.
The proposed initiative will explore the use of blockchain technology to digitise real-world assets, including sovereign bonds, treasury bills and commodity reserves such as oil, gas, metals and other raw materials owned by the state.
Subject to regulatory approvals, the ministry stated that the action is intended to increase liquidity, improve transparency, and increase access to global markets.
The process of creating a digital representation of an asset on a blockchain is known as tokenization.
In the midst of broader global regulatory tightening, several countries, notably the United Arab Emirates, Japan, and parts of the European Union, are moving to formalize licensing frameworks for cryptocurrency exchanges.
Finance Minister Muhammad Aurangzeb said the MoU reflected Pakistan’s reform direction and described it as “a long-term partnership.” Binance founder Changpeng Zhao termed the agreement “a great signal for the global blockchain industry and for Pakistan,” adding that it marked the beginning of efforts toward full deployment of the tokenisation initiative.
In a related development, Binance and digital asset platform HTX have received initial regulatory authorization from Pakistan to start the process of creating local subsidiaries.
The Pakistan Virtual Assets Regulatory Authority (PVARA) said the early approvals allow both platforms to register on the Anti-Money Laundering system, set up local units and prepare applications for full exchange licenses.
According to PVARA chair Bilal bin Saqib, the approvals signaled the beginning of Pakistan’s phased licensing framework and that whatever exchanges move further in the process will depend on compliance standards.
Saqib stated earlier this week at Binance Blockchain Week Dubai 2025 that Pakistan is the third-largest cryptocurrency market globally in terms of retail activity.
According to the finance ministry, Pakistan is also preparing to introduce a Virtual Assets Act in 2025 and launch a central bank digital currency pilot.
The country’s crypto council and US-based World Liberty Financial signed a letter of intent in April to investigate the usage of tokenization, stablecoins, and more extensive digital asset infrastructure.