Islamabad: Pakistan has formally begun the licensing process for digital assets, with 70 applications received so far, according to Bilal Bin Saqib, chairman of the Pakistan Virtual Regulatory Authority.
Saqib said the regulatory framework for digital assets had been developed within six months.
Companies that meet the required regulatory standards will be issued licences to buy and sell digital assets, he said.
Saqib also said digital remittance channels could significantly reduce the cost of sending money to Pakistan from abroad.
According to him, Pakistanis currently face an average remittance cost of around 6.5%, which could be reduced to 1% through digital channels.
He said lowering the cost of remittances could generate savings of approximately $410 million.
