Pakistan has sought advice from Hong Kong on tokenized capital markets, particularly digital bonds. The Pakistan Virtual Assets Regulatory Authority (PVARA) set a September 5th deadline for crypto firms to obtain operating licenses. Hong Kong issued $102 million in tokenized green bonds in 2023, followed by $766 million in 2024 and $1.28 billion last year. The APAC region recorded the strongest crypto adoption in 2025, with Hong Kong and Pakistan among the top-10 countries in terms of adoption rates.
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