Digital asset market: 70 major global exchanges seek licences: Bilal
ISLAMABAD: Pakistan has transformed its stance on crypto currencies from a complete ban to legalisation and regulation in just months, with around 70 major global exchanges now seeking licences to enter the country’s emerging digital-asset market, Chairman Pakistan Virtual Asset Regulatory Authority (PVARA) Bilal Bin Saqib said on Thursday.
Addressing press briefing, Saqib said Pakistan was also considering the tokenisation of government debt and Roshan Digital Accounts (RDAs) as part of its future digital-asset initiatives.
He further said that the country’s mufti-e-azam had been taken into confidence over the digital assets and that guidance was being sought on transactions involving them. A Shariah advisory board was being formed to deal with matters related to digital and virtual assets.
The board would provide guidance on transactions involving such assets, he added.
He said India had imposed a 30 percent tax on crypto transactions, adding that Pakistan had an estimated customer base of around 40 million, with investments by Pakistanis in the sector reaching approximately USD250 billion in dollar terms.
Saqib said that the Prime Minister of Pakistan provided him with all-out support. He said that he was involved in the digital currency business so established business/professional ties with the Trump administration.
He also said that the cost of sending remittances of USD41 billion could be brought down from 6.3 percent to 1 percent, so PVARA and the State Bank of Pakistan were devising a mechanism to save USD416 million by removing several layers and connecting machines that would ensure instant access to receiving money within a few minutes.
He said that a sandbox would be required to be put in place for better visibility, and then a stablecoin would be used to undertake transactions. He said that the overseas Pakistanis would have to remit their amount of remittance in the same currency of the respective residing country, but then it would be converted into a stablecoin and instantly would be received by the recipient.
He conceded that it was the biggest challenge to remain fully compliant with anti-money laundering and counter terrorist financing under the Financial Action Task Force (FATF).
Another official from the Financial Monitoring Unit (FMU) said that the Suspicious Transaction Reports (STRs) would be issued and sent to FMU for further action. However, he conceded that it would be a bit difficult to have full visibility of customers, but that could be overcome with the approach of going deep down.
To a question about issuing a fatwa by a mufti against crypto/digital currency, he replied that he had presented his viewpoint and expected a favourable statement from him soon.
The PVARA, he said, was in close contact with international jurisdictions as cooperation among the different countries would play a critical role for the smooth functioning of digital assets in the future. He said that Pakistan was negotiating a Memorandum of Understanding with Kazakhstan and Kyrgyzstan because Pakistan moved faster than mature jurisdictions.
He said that around 70 applications were received from major global exchanges to get licenses for operating in Pakistan. He was of the view that Dubai took 17 months, Singapore 20 months, the UK 46 months, but Pakistan took almost six months to make PVARA fully functional after passing legislation from the Parliament.
Copyright Business Recorder, 2026