Karachi: Exchange companies in Pakistan are set to receive licenses under the newly established Crypto Council, following a significant meeting between Malik Muhammad Bustan, Chairman of the Exchange Companies Association of Pakistan, and Bilal bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA) and CEO of the Pakistan Crypto Council. The meeting included discussions on streamlining remittances and reducing transaction costs for the country's burgeoning crypto market.
According to Exchange Companies Association of Pakistan, the meeting saw Bustan and other key association members, including President Zafar Pracha, General Secretary Sheikh Sajid Hussain, and Senior Vice President Syed Zohair, express their appreciation for Saqib's efforts in legalizing the Crypto Council in Pakistan. The initiative has garnered support from the State Bank and the Securities and Exchange Commission of Pakistan (SECP), who have suggested that individuals interested in crypto transactions obtain a No Objection Certificate (NOC) from the Crypto Council to facilitate account openings with banks.
Bustan emphasized the importance of this development for overseas Pakistanis, who currently face delays of several days when sending remittances back home. The introduction of a stablecoin linked to the Pakistani Rupee and US Dollar could expedite this process to mere minutes, significantly lowering costs from the current 5-6% to just 1% for crypto traders. This measure is expected to bolster Pakistan's remittance inflow, which stands at 38 billion, with a target to increase it to 50 billion.
The State Bank, SECP, and the Crypto Council are working to formulate compliance rules in line with FATF and CDD requirements to ensure transparency in Pakistan's transactions. Bustan also urged Saqib to issue licenses to exchange companies under the Crypto Council. Saqib assured full support, noting that in the initial phase, participants could obtain an NOC to open accounts, followed by the introduction of exchange companies to facilitate transactions across the nation.
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