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Pakistan cenbank opens formal banking to licensed virtual asset service providers
Banks may serve PVARA-licensed crypto firms under strict anti-money-laundering rules, while the central bank bars them from trading or holding virtual assets.
- On Tuesday, the State Bank of Pakistan legalized crypto services, overriding a 2018 ban by allowing banks to open accounts for licensed Virtual Asset Service Providers under the Virtual Assets Act 2026.
- This policy shift formally establishes the Pakistan Virtual Assets Regulatory Authority as the statutory body overseeing licensing, supervision, and regulation of the crypto sector.
- Banks must verify PVARA licenses, conduct enhanced due diligence, and maintain separate, non-interest-bearing Client Money Accounts for authorized transactions, while strictly prohibiting investment in virtual assets using customer funds.
- Roughly 40 million people—about 17% of Pakistan's population—participate in crypto trading, and the government previously signed a memorandum of understanding with Binance to explore tokenizing up to $2 billion in assets.
- Bilal Bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority, called the development a 'foundational step' in formalizing the financial system, with plans to leverage Bitcoin mining and launch a national stablecoin.
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Pakistan cenbank opens formal banking to licensed virtual asset service providers
ISLAMABAD, April 15 : Pakistan's central bank has allowed banks to open accounts for licensed virtual asset service providers, overriding a 2018 ban, a circular from the central bank and statement by the virtual asset regulator said, as the country moves to integrate digital assets into the regulated financial syste
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Cryptocurrency News | Cryptocurrency Prices | Market CapCrypto Breakthrough: Pakistan Ends Banking Ban For Licensed Firms
Banks in Pakistan can now open accounts for licensed cryptocurrency companies — a move that ends a restriction that has been in place since 2018. Related Reading: Crypto Gains Ally As Former CFTC Chair Becomes Full-Time Adviser Strict Rules Come With The New Access The State Bank of Pakistan issued a circular on April 14 […]
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Total News Sources33
Leaning Left1Leaning Right1Center3Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 20%
C 60%
R 20%
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