Regulated exchanges to boost freelancer inflows

The Pakistan Virtual Assets Regulatory Authority (PVARA) has issued no-objection certificates to global exchanges including Binance and HTX, and about 70 more applications from overseas platforms are reportedly under consideration, according to The Express Tribune. The report lists possible activities such as virtual asset trading, tokenisation, asset custody and financial products built on blockchain networks, all pending approvals. The report explains that tokenisation converts ownership of real-world assets, such as property, art or company shares, into digital tokens recorded on a blockchain.

Bitget chief executive Gracy Chen linked the interest of global exchanges to government and regulator policy initiatives, and said regulated platforms could help freelancers and technology professionals who earn from overseas clients. She suggested that quicker cross-border transfers and changing digital holdings into rupees might be possible, subject to rules and banking arrangements. The Pakistan Freelancers Association chairman, Ibrahim Amin, said exchange roles should extend beyond trading, potentially reaching into international finance for freelance workers.

The report notes that using exchanges for freelancer payments would go beyond their usual role in crypto trading, since such platforms mainly handle buying, selling and custody of virtual assets. Whether a licensed platform can support cross-border payments depends on licence scope, foreign exchange rules and links with banks and payment firms. Even so, the report says regulated platforms could improve transparency and bring more digital earnings into formal channels.