Pakistan has transformed its stance on cryptocurrencies from a complete ban to legalization and regulation in just months, with around 70 major global exchanges now seeking licenses to enter the country’s emerging digital-asset market, Chairman of the Pakistan Virtual Asset Regulatory Authority (PVARA) Bilal Bin Saqib said on Thursday.

Addressing a press briefing, Saqib said Pakistan was also considering the tokenization of government debt and Roshan Digital Accounts (RDAs) as part of its future digital-asset initiatives.

Saqib said companies that meet the regulatory framework will be issued licenses to buy and sell digital assets.

He said the regulatory framework for digital assets had been developed within six months and companies would be licensed after meeting the required conditions.

Saqib also said digital remittances could significantly reduce the cost of sending money to Pakistan. He said the current cost of remittances for Pakistanis stood at 6.5 percent and could fall to 1 percent through digital channels.

According to him, the lower cost could result in savings of around $410 million.

PVARA was created as Pakistan’s dedicated regulator for virtual assets after the Virtual Assets Ordinance was promulgated in July 2025 and the Virtual Assets Act was enacted in March 2026. The law gave PVARA powers to license and supervise virtual asset service providers, with the framework covering licensing, consumer protection, cybersecurity and anti-money laundering requirements.

The licensing framework was further operationalized through regulations notified in August 2026, requiring virtual asset service providers to obtain formal licenses before offering services in Pakistan.