ISLAMABAD – Pakistan Crypto Council CEO Bilal Saqib has indicated that crypto licenses may soon be issued to exchange associations, marking a significant step toward regulating digital currency trading in Pakistan.
According to reports, during a meeting with representatives of the Exchange Companies Association of Pakistan, Chairman Malik Muhammad Bostan said that if cryptocurrency becomes a stable digital currency, overseas Pakistanis could transfer remittances within moments, potentially increasing annual remittances from $38 billion to $50 billion.
He noted that efforts by the younger leadership helped grant legal status to the Pakistan Crypto Council, adding that crypto aligns with the demands of the digital era.
The meeting was informed that currently around 40 million Pakistanis are trading in crypto at a cost of 5 to 6 percent, but with the launch of digital licensing, transaction costs could fall to around 1 percent.
Officials also shared that State Bank of Pakistan, Securities and Exchange Commission of Pakistan, and the Pakistan Crypto Council are jointly working on regulations to ensure transparent implementation in line with international compliance standards, including FATF and customer due diligence requirements.
Bilal Saqib said that in the first phase, NOCs will be issued to individuals, while in the second phase, exchange companies will also be granted NOCs by the council, allowing them to legally conduct crypto transactions and expand their role in the economy.
