As Pakistan deepens its involvement in digital assets, it has signed a memorandum of understanding (MoU) with crypto exchange Binance to explore tokenizing up to $2 billion in sovereign bonds, treasury bills, and commodity reserves to boost liquidity and attract foreign investors.
The agreement, reported by Reuters, sets the stage for a potential collaboration to tokenize and distribute various real-world assets (RWAs) held by the Pakistani government. These assets could include sovereign bonds, treasury bills, and commodity reserves such as oil, gas, metals, and other raw materials.
Finance Minister Muhammad Aurangzeb said the initiative could involve assets valued at up to $2 billion, though final approval is still pending. The stated goals are to improve liquidity, transparency, and access to international markets for these assets. Aurangzeb described the MoU as a sign of Pakistan’s reform-oriented economic direction and a long-term partnership with Binance.
Binance founder Changpeng Zhao called the agreement “a great signal for the global blockchain industry and for Pakistan,” suggesting the partnership could mark the start of broader tokenization efforts.
Separately, Pakistan’s Virtual Assets Regulatory Authority (PVARA) has granted initial clearance for Binance and cryptocurrency exchange HTX to register with local regulators as they prepare applications for full exchange licenses. PVARA assessed the governance and compliance frameworks of both platforms before providing early approvals.
PVARA Chairman Bilal bin Saqib said these clearances begin Pakistan’s phased licensing process and emphasized that strong compliance will determine which exchanges proceed. This move is part of a wider digital finance overhaul that includes the formation of the Pakistan Crypto Council, the establishment of PVARA, drafting a formal licensing regime, a planned CBDC pilot, and a proposed Virtual Assets Act.
Industry figures have noted Pakistan’s growing role in digital assets. Michael Saylor, co-founder of the Bitcoin proxy firm Strategy, has praised the country’s efforts. According to Saqib, Pakistan is the world’s third-largest cryptocurrency market by retail activity.
At the time of writing, Binance’s native token BNB was trading at $878, down about 35% from its all-time high above $1,369.
