Binance is set to explore the tokenization of up to $2 billion in bonds, treasury bills and commodity reserves in Pakistan.Reuters reported on Friday.
The memorandum of understanding (MOU) with the world’s largest cryptocurrency exchange by trading volume highlights Pakistan’s push to use blockchain technology to unlock liquidity and attract foreign investment while exploring a formal crypto regulatory framework.
Pakistan’s Ministry of Finance said the initiative could pave the way for tokenizing additional real-world assets owned by the government and distributing them on blockchain-based platforms.
The announcement comes a day after Pakistan’s Virtual Asset Regulatory Authority (VARA) Chairman Bilal Bin Saqib announced in a video interview with CoinDesk his country’s plans to accelerate cryptocurrency adoption, leverage Bitcoin mining, and launch a national stablecoin.
Pakistan’s regulatory measures reflect a broader global trend. The United Arab Emirates, Japan and parts of the European Union are expanding formal licensing rules for cryptocurrency exchanges amid a broader global regulatory tightening.
Binance founder Changpeng Zhao said the deal was “a great signal for the global blockchain industry and for Pakistan,” adding that it marks the beginning of a move toward full deployment of the tokenization initiative.
Also today, according to Reuters, VARA said it issued early approvals to Binance and HTX after reviewing their governance and compliance controls, allowing them to register with the Anti-Money Laundering system, establish local units and prepare full applications.
Binance did not immediately respond to a CoinDesk request for more information.
