EU restores full trade relations with Syria as Visa and Mastercard go live after 15 years
Syria's financial grid is being reconnected as Visa and Mastercard resume operations after 15 years, coinciding with the EU restoring full trade relations.Summary
Syria is re-entering the global financial system after more than 15 years of sanctions and civil war. Visa and Mastercard officially resumed operations on May 9, 2026, facilitated by Qatar National Bank, just before the European Union restored full trade relations with the country on May 11, 2026. This marks a significant shift following the EU's sanctions in 2011 and the US lifting its sanctions in June 2025. Cryptocurrency platforms like Binance were already active in Syria since June 2025, providing alternative payment systems and access to global markets due to persistent banking limitations. While traditional payment networks will handle retail, crypto is expected to continue serving as a bridge for cross-border transactions and remittances. The Syrian government's lack of a clear digital asset regulatory framework creates uncertainty, but proposals to legalize Bitcoin and digitize the Syrian lira could position the country as a key player in the regional crypto landscape.
(Source：Crypto Briefing)