Pakistan Seeks Licenses from 70 Global Crypto Exchanges Amid Regulatory U-Turn

Pakistan has reversed its stance on cryptocurrencies, moving from a complete ban to legalization and regulation in just months. Around 70 major global exchanges are now seeking licenses to enter the country's emerging digital-asset market.

The chairman of Pakistan's Virtual Asset Regulatory Authority (PVARA), Bilal Bin Saqib, said that the country is considering the tokenization of government debt and Roshan Digital Accounts as part of its future digital-asset initiatives. He added that the mufti-e-azam, or grand mufti, has been taken into confidence over digital assets, and guidance is being sought on transactions involving them.

Pakistan is estimated to have a customer base of around 40 million, with investments by Pakistanis in the sector reaching approximately $250 billion. Saqib noted that India has imposed a 30% tax on crypto transactions and expressed his hope that Pakistan can bring down the cost of sending remittances from 6.3% to 1%. The prime minister has provided him with all-out support, and he is involved in the digital currency business and has established business and professional ties with the Trump administration.