Pakistan Begins Licensing Process for Digital Assets
ISLAMABAD:Pakistan has launched the licensing process for digital assets, with dozens of applications already received from companies seeking regulatory approval.
Chairman of the Pakistan Virtual Regulatory Authority Bilal bin Saqib said that 70 applications had so far been received for digital asset licensing.
He said companies that meet the requirements of the regulatory framework would be issued licenses to conduct digital asset buying and selling activities. According to Bilal bin Saqib, the regulatory framework has been developed within six months.
He further said that digital remittances could significantly reduce the cost of sending money to Pakistan. Currently, the cost of remittances stands at around 6.5 percent, which could be reduced to approximately 1 percent through digital channels.
Bilal bin Saqib said the reduction in remittance costs could potentially save Pakistanis around $410 million, benefiting both overseas Pakistanis and the country’s economy.
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