Pakistan Begins Licensing Process for Digital Asset Firms

ISLAMABAD: Pakistan has formally begun the licensing process for digital asset businesses, with 70 applications so far submitted to the Pakistan Virtual Assets Regulatory Authority (PVRA), its chairman Bilal bin Saqib said.

Saqib said companies that meet the regulatory framework will be granted licences to conduct digital asset trading in Pakistan.

He said the regulatory framework for the sector had been developed within six months, paving the way for the formal licensing process.

According to Saqib, the new digital remittance system could also significantly reduce the cost of sending remittances to Pakistan. The current cost of remittances stands at around 6.5%, which could fall to about 1% under the proposed system.

He said the reduction in remittance costs could potentially save Pakistanis around $410 million.

The licensing initiative marks a major step in Pakistan’s efforts to establish a regulated digital asset sector and expand the country’s digital economy.