Pakistan Crypto Council hints at granting crypto licenses to exchange companies

Pakistan Crypto Council CEO Bilal Bin Saqib has hinted at issuing crypto licenses to exchange companies. In a meeting led by Exchange Association of Pakistan Chairman Malik Muhammad Bostan, Bilal Bin Saqib said that in the first phase, NOCs will be issued at the individual level and in the second phase, NOCs will also be given to exchange companies by the council so that these companies can conduct crypto transactions legally.

It was informed in the meeting that currently 40 million people in Pakistan are trading in crypto and they have to pay a cost of 5 to 6 percent. If the issuance of digital licenses starts, this cost will be reduced to only one percent, which will be a big relief for crypto users. In addition, the State Bank of Pakistan and SECP have also allowed the opening of crypto accounts in banks on the condition of the Crypto Council’s NOC.

Malik Muhammad Bostan said that if crypto becomes a stable digital currency, remittances from Pakistanis abroad will be able to be transferred in seconds and the annual remittance volume could increase from $38 billion to $50 billion. Currently, the State Bank, SECP and Pakistan Crypto Council are working together to develop laws that can be implemented transparently under FATF.