Regulated exchanges to boost freelancer inflows

The growing interest of global exchanges is expected to contribute to the development of the country's digital asset ecosystem, with potential applications ranging from virtual asset trading and investment to tokenisation, custody and blockchain-based financial services, subject to regulatory approvals.

Tokenisation is the process of taking a real-world asset – like a house, a piece of art, or company stock – and converting ownership rights into digital tokens on a computer network (like a blockchain). Instead of owning a physical piece of paper proving you own something, you own a digital token that acts as a secure certificate of ownership.

Gracy Chen, Chief Executive Officer of Bitget, attributed the strong interest of global digital asset exchanges in obtaining licences to operate in Pakistan to the proactive policy initiatives of the government and relevant regulatory authorities.

She said the development of a regulated ecosystem could create opportunities not only for digital asset trading and investment but also for Pakistan's broader digital economy, particularly freelancers and technology professionals generating foreign exchange through international clients.

"For freelancers, software developers, remote employees and other digital workers earning from international clients, regulated digital asset platforms could facilitate faster cross-border settlement and conversion of digital assets into local currency, subject to applicable regulations and banking arrangements," Chen said.

She suggested that as Pakistan develops its virtual asset framework, policymakers could consider how regulated digital exchanges might support payment services for digital workers, subject to the licensing framework, foreign exchange regulations, anti-money laundering requirements and other applicable laws.

Chen said establishing compliant relationships between licensed virtual asset service providers, banks and payment institutions would be essential for digital exchanges to play a greater role in facilitating international payments. Pakistan has nearly three million freelancers and is considered one of the world's largest freelance markets.

State Bank of Pakistan (SBP), Pakistani freelancers generated a record $1.76 billion in foreign exchange during financial year 2025-26, despite continued challenges in receiving international payments.

Pakistan Freelancers Association (PAFLA) Chairman Ibrahim Amin said the future role of global digital exchanges in Pakistan should not be restricted to the tokenisation and trading of digital assets, and their scope could be expanded to help connect the country's digital workforce with global financial infrastructure.

He said regulated digital exchanges could potentially help freelancers overcome some of the challenges associated with receiving payments from foreign clients by enabling faster settlement and potentially reducing transaction costs, subject to the availability of compliant payment and banking arrangements.

Amin said a significant proportion of Pakistan's freelance workforce comprised technology-savvy young professionals, who were increasingly familiar with cryptocurrency, stablecoins and international investment products. He said freelancers with substantial earnings should have access to a wider range of regulated avenues for saving and investment, including global equities and digital assets, where permitted under the regulatory framework.

The potential use of digital exchanges for freelancer payments, however, represents a broader function than their traditional role as cryptocurrency trading platforms. An exchange primarily facilitates the buying, selling, custody and related services involving virtual assets.

Whether a licensed exchange can directly facilitate international payments for freelancers will depend on the activities permitted under its licence, foreign exchange regulations and its ability to establish compliant relationships with banks and payment institutions.

A regulated digital asset ecosystem could nevertheless provide an opportunity to strengthen Pakistan's digital economy by connecting its growing freelance workforce with global financial infrastructure, while improving transparency and bringing more digital earnings into formal financial channels.