A leading exchange's compliance setup in Pakistan has taken another step forward — it has just obtained a no-objection certificate issued by the local anti-money laundering regulatory authority. This is a major move. It means that the exchange can now officially register in Pakistan and begin preparations for establishing a local operational entity. In simple terms, it is very close to obtaining the VASP (Virtual Asset Service Provider) license, with only the final step remaining. Pakistan, as an important market in South Asia, this move indicates that leading exchanges are becoming increasingly cautious and systematic in their compliance progress in emerging markets. Having passed the anti-money laundering hurdle, subsequent regulatory approval processes are expected to be relatively smoother.