ISLAMABAD: About 70 companies have applied for licensing to undertake cryptocurrency and other digital assets trading in Pakistan.
Bilal Bin Saqib, Chairman of the Pakistan Virtual Regulatory Authority (PVRA) said the authority had received 70 applications from companies seeking licences. Companies meeting the new regulatory requirements could receive licences to buy and sell digital assets, he added.
Moreover, the authority completed the regulatory framework within six months. Bilal said the authority used only 8 percent of its allocated budget during the current year. Consequently, it returned the remaining 92 percent to the national exchequer.
Pakistan to present digital asset policy at UN
The PVRA chairman said Pakistan would present a policy paper on digital assets and tokenisation at the United Nations for the first time.
He said Pakistan was leading international discussions on regulatory frameworks for digital assets. The initiative would also allow Pakistan to contribute to global debates. They cover digital finance and emerging financial technologies.
Meanwhile, Bilal said talks with the State Bank of Pakistan were continuing to explore ways to increase remittances through digital assets.
He said stablecoins could offer a cheaper way to send money to Pakistan and reduce overall remittance costs.
According to Bilal, stablecoins could potentially cut remittance costs from about 6 percent to nearly 1 percent.
Pakistan relies heavily on overseas workers’ remittances. Therefore, cheaper and faster transfers remain a key priority for policymakers as digital finance expands.
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