Crypto licencing framework: ECAP seeks inclusion of exchange firms

KARACHI: The Exchange Companies Association of Pakistan (ECAP) has urged authorities to bring exchange companies under the licencing framework of the Pakistan Crypto Council, aiming to formally integrate the sector into the country’s evolving digital asset regulatory regime.

Representatives of the ECAP met with Pakistan Crypto Council CEO Bilal Bin Saqib, to discuss developments in the country’s emerging crypto regulatory framework and opportunities for collaboration.

The ECAP delegation, led by Chairman Malik Bostan and including President Zafar Paracha, General Secretary Sheikh Sajid Hussain and Senior Vice President Syed Zuhair, appreciated the efforts behind the establishment of the Pakistan Crypto Council, terming it a significant step toward formalizing digital asset activities in the country.

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Participants noted that with the council now operational, institutions such as the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan (SECP) have advised interested entities to obtain a no-objection certificate (NOC) from the council before opening bank accounts for crypto-related operations. They described the move as a foundational step for Pakistan’s entry into the global digital finance landscape.

Malik Bostan praised Bilal Bin Saqib’s leadership, calling the initiative forward-looking and aligned with the growing importance of digital finance. He said the vision behind the initiative is to increase inward remittances and facilitate overseas Pakistanis by enabling faster and more cost-effective transfers.

He highlighted that remittances, which currently take three to four days to reach beneficiaries, could be processed within minutes if stablecoin mechanisms are implemented under a regulated framework. This, he said, would significantly improve efficiency and reduce waiting times for recipients.

The ECAP chairman further noted that an estimated 40 million Pakistanis are currently engaged in crypto trading, often incurring transaction costs of 5 to 6 percent. With legalization and the introduction of digital licencing, these costs could potentially be reduced to around 1 percent, alongside faster fund transfers.

Copyright Business Recorder, 2026