ISLAMABAD: The Pakistan Crypto Council (PCC) has signaled the potential issuance of a formal crypto license to the Exchange Association of Pakistan, a move that could significantly streamline digital asset trading and boost overseas remittances.
During a high-level meeting attended by PCC CEO Bilal Saqib, ECAP President Zafar Paracha, and other officials, Exchange Association Chairman Malik Muhammad Bostan outlined the economic benefits of formalizing the sector.
In the meeting, Bostan argued that establishing a stable digital currency framework would enable instant remittance transfers for overseas Pakistanis, potentially increasing the annual inflow from the current $38 billion to $50 billion.
The council also highlighted its recent legal recognition, attributing the milestone to the efforts of its young leadership. Consequently, the State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP) have now permitted individuals to open crypto trading accounts in banks, provided they secure a No Objection Certificate (NOC) from the council.
It was reported that as of today, an estimated 40 million Pakistanis trade in cryptocurrencies through informal channels, incurring transaction costs of 5 to 6 percent. Officials stated that the introduction of a digital licensing regime would reduce these fees to approximately 1 percent, making the sector more accessible and cost-effective for the general public.
