Remittances to Pakistan could rise to $50 billion from the current level of around $38 billion if cryptocurrencies are legalized and properly regulated, according to Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan.
He shared these views during a meeting attended by key stakeholders from the exchange companies sector, including Zafar Paracha, Sheikh Sajid Hussain, Syed Zohaib, and Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib.
Bostan said Pakistan is entering a new phase of digital transformation and can achieve stronger economic growth by adopting modern financial systems. He noted that the legalization of crypto assets and the introduction of digital licensing could significantly reduce transaction costs from nearly 6 percent to around 1 percent.
He added that in the second phase of the proposed framework, exchange companies would be fully integrated into the system, with efforts already underway to begin transactions so the benefits of digital finance can reach the wider public.
According to Bostan, once the new system is fully implemented, remittance inflows could increase substantially and potentially touch $50 billion.
Speaking during the meeting, Bilal Bin Saqib said that under the proposed Crypto Council model, exchange companies would receive licenses in stages. In the first phase, firms would be allowed to open accounts after obtaining a no-objection certificate from the Crypto Council.
The development comes as Pakistan moves toward formal regulation of digital assets through the proposed PVARA framework, which aims to bring cryptocurrencies and virtual assets under a legal licensing system.
Officials said the initiative is intended to regulate exchanges, improve transparency, attract investment, and integrate digital finance into the formal economy instead of leaving it in an unregulated environment.
