Pakistan authority begins licensing for digital asset firms
The Pakistan Virtual Regulatory Authority has begun a licensing process and received 70 applications from entities seeking to provide digital asset-related businesses and services, chairman Bilal bin Saqib said. The PVRA prepared a comprehensive regulatory framework in six months covering business activities, licensing, oversight and transparency, and will issue formal licenses to companies that meet prescribed standards. The authority says licensing aims to improve market transparency, institutional oversight and documentation. PVRA used 8 percent of its allocated budget and returned 92 percent to the national exchequer. Pakistan will also present a policy paper at the United Nations and is discussing stablecoins with the State Bank to reduce remittance costs.
PVRA received 70 applications and will license compliant digital asset firms
Context
The PVRA prepared a regulatory framework in six months and opened a licensing process. The authority has received 70 applications and will review them against the rules. Officials are discussing stablecoins with the State Bank to try to…
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