Pakistan has granted preliminary approval to Binance and HTX, allowing the two crypto platforms to register with regulators, set up local subsidiaries and start working on submitting full applications for crypto-exchange licences, the country's virtual assets authority announced on Friday.

The move comes as jurisdictions such as the United Arab Emirates, Japan and parts of the European Union expand formal licensing rules for crypto exchanges amid broader global regulatory tightening.

NOCs issued to platforms

The Pakistan Virtual Assets Regulatory Authority (PVARA) said it had issued No Objection Certificates (NOCs) to the two digital asset exchanges after reviewing the companies' governance, compliance and risk controls, Reuters reported.

However, it also clarified that these clearan

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