Islamabad (Commerce Desk) — The formal process of licensing digital assets has begun in Pakistan.
According to Bilal bin Saqib, Chairman of the Pakistan Virtual Regulatory Authority, 70 applications for digital asset licenses have been received so far.
He said companies that meet the requirements of the regulatory framework will be issued licenses to buy and sell digital assets. He said the regulatory framework was prepared within six months.
According to Bilal bin Saqib, the current cost of remittances by Pakistanis could fall from 6.5 percent to one percent through digital remittances. The reduction in costs could result in savings of approximately $410 million.