Pakistan allows banks to open accounts for licensed VASPs, ending 2018 ban
The Block
The State Bank of Pakistan has lifted a 2018 ban, allowing banks to provide services to licensed virtual asset service providers.Summary
The State Bank of Pakistan has officially ended a seven-year ban on banking services for cryptocurrency firms. A new directive allows banks to open accounts for entities licensed by the Pakistan Virtual Asset Regulatory Authority, following the recent passage of the Virtual Assets Act, 2026.
While the policy shift enables banking access, it imposes strict requirements. Banks must perform enhanced due diligence and maintain segregated, non-remunerative accounts for client funds. Furthermore, financial institutions remain prohibited from trading or holding virtual assets themselves, and must report suspicious activities to the Financial Monitoring Unit.
(Source：The Block)