Exchange Companies Association of Pakistan backs Crypto Council push to boost digital remittances and crypto regulation in Pakistan

The Chairman of the Exchange Companies Association of Pakistan, Mr. Malik Bostan, President Zafar Paraja, General Secretary Sheikh Sajid Hussain, Senior Vice President Syed Zoheir and other members held a meeting with the Chairman (PVARA) and CEO of the Pakistan Crypto Council, Bilal Bin Saqib, at his office in Islamabad, in which the exchange officials praised the efforts of Bala Bin Saqib in establishing the government’s Crypto Council.

It is the result of his efforts that today the Crypto Council has been legalized in Pakistan and the State Bank, and SECP have also told people that those who want to do this work should get NOC from the Crypto Council and open their accounts in banks. This is the first step in the world of crypto and a matter of great joy. Chairman Malik Bostan praised the efforts of Crypto Council CEO Bilal Bin Saqib and told him that he has taken this big step at a very young age and today is the era of digital. You have taken this step and God willing, Pakistan will surely reach great heights.

Chairman Malik Bostan said that the vision of Bilal Bin Saqib is to bring as much cryptocurrency into the country as possible and to provide this benefit to our overseas Pakistanis in the least amount of money and to have the money reach their homes in the least amount of time. Because currently it takes 3 to 4 days for overseas Pakistanis to send their money here, but if it becomes a stable coin under the Crypto Council in PKR and USDT, then their families will receive the money in minutes, so they will not have to wait for 4 days.

In addition, our target is that 40 million Pakistanis who are currently trading in crypto and they would have to pay 5 to 6 percent of this trading and when crypto is legalized and the digital license starts, they will have to pay 1 percent of the buying and selling, which is currently 5 to 6 percent, and the money will be transferred to their accounts in minutes and Pakistan’s remittances which are currently 38 billion and we are trying to reach 50 billion dollars. Our first target is inward remittances. State Bank, SECP and Crypto Council are making such rules in this regard that they should be implemented under FATF and CDD and no one should raise a finger on Pakistan’s transactions and this will be a great proud achievement for the entire nation in which we are going to step very soon.

Chairman Malik Bostan requested Bilal bin Saqib that you should also give licenses to exchange companies under the Crypto Council, to which Bilal bin Saqib said that in the first phase, those who want to come should get NOC from the Crypto Council and open their accounts, we will fully support them and in the second phase, we will introduce exchange companies and Insha Allah, our effort is to start its transactions as soon as possible and its benefits will reach every Pakistani.