Remittance inflows will jump significantly to $50 billion from the current level of around $38 billion when cryptocurrencies are legalized and properly regulated in Pakistan, Chairman of the Exchange Companies Association of Pakistan (ECAP) Malik Bostan said in a meeting today.
Zafar Paracha, Sheikh Sajid Hussain, Syed Zohaib, Chairman Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal Bin Saqib and other stakeholders from the exchange companies sector attended this meeting.
Malik Bostan said Pakistan is entering a new phase of digital transformation and will achieve stronger economic progress through modern financial systems. He added that with the legalization of crypto and the rollout of digital licensing, transaction costs could fall sharply from around 6 percent to nearly 1 percent.
Bostan added that in the second phase, exchange companies will be fully integrated into the system, with efforts underway to begin transactions soon so that the benefits of the digital framework can reach the wider public.
He expressed optimism that once the system is fully implemented, Pakistan’s remittance inflows could see a major boost, potentially reaching $50 billion.
In his brief remarks, Bilal bin Saqib said that under the proposed Crypto Council framework, exchange companies will be issued licenses in phases. In the first stage, firms will be allowed to open accounts after obtaining an NOC from the Crypto Council.
This comes as Pakistan moves toward formal regulation of digital assets through the proposed PVARA, a framework designed to bring crypto and virtual assets under a legal licensing system, which could be an attractive source of investment for all Pakistanis.
The initiative aims to regulate exchanges, improve transparency, and integrate digital finance into the formal economy instead of leaving it in an unregulated space.
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Great achievement and v good step to big boost for Pakistan economy well done
