KARACHI: The Exchange Companies Association of Pakistan (ECAP) has urged authorities to issue licences to exchange businesses under the Pakistan Crypto Council, seeking to formally integrate the sector into the country’s developing digital asset ecosystem, a statement said on Tuesday.
Malik Muhammad Bostan, chairperson of ECAP, along with the association president, Zafar Pracha, held an important meeting with Bilal bin Saqib, chairperson of the Pakistan Virtual Assets Regulatory Authority (PVARA) and CEO of the Pakistan Crypto Council.
During the meeting, the exchange companies praised Saqib’s efforts in establishing the government’s Crypto Council. “Thanks to his endeavours, the Crypto Council has now been legalised in Pakistan. The State Bank of Pakistan and SECP have also advised those wishing to engage in this sector to obtain an NOC from the Crypto Council and open their accounts with banks. This is a welcome first step in the world of crypto.”
Bostan requested Saqib to issue licences to exchange companies under the Crypto Council. In response, Saqib stated that in the first phase, those wishing to participate can obtain an NOC from the Crypto Council and open their accounts, and they will receive full support. In the second phase, exchange companies will be introduced, and efforts are underway to begin transactions as soon as possible so that the benefits reach every Pakistani citizen.
Bostan further shared that Saqib has outlined a vision to maximise inward remittances into the country, enabling overseas Pakistanis to send money home at minimal cost and within minutes rather than days.
Currently, overseas Pakistanis face delays of three to four days in sending money back home. However, if a stablecoin linked to the Pakistani rupee and US dollar is introduced under the Crypto Council, funds will reach families in minutes, eliminating the need for lengthy waiting periods.
Additionally, Bostan noted that around 40 million Pakistanis are crypto users, incurring costs of 5-6 per cent. Once crypto is legalised and digital licenses are introduced, this cost will drop to just 1.0 per cent for buying and selling. Transfers will be completed in minutes, significantly benefiting the national economy.
