The State Bank of Pakistan (SBP) has allowed banks to open accounts for licensed virtual asset service providers, overriding a 2018 ban, as the country moves to integrate digital assets into the regulated financial system.
The move followed the enactment of the Virtual Assets Act, 2026, and marks Pakistan’s first formal step toward bringing crypto-related businesses into the banking system under strict anti-money-laundering and compliance rules.
“This is a foundational step in bringing virtual assets into the formal financial system of Pakistan,” Bilal bin Saqib, the chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), said in a statement on Wednesday.
Banks must verify licences issued by the newly established PVARA before onboarding firms and maintain segregated, non-interest-bearing client accounts in rupees, the SBP said.
