""This is a foundational step in bringing virtual assets into the formal financial system of Pakistan," said Bilal bin Saqib, chairman of the Pakistan Virtual Assets Regulatory Authority, in an official statement."
"Under the new rules, banks can provide basic financial services to crypto firms, but must first verify that the entities are licensed by PVARA."
"Banks are required to conduct full due diligence, maintain updated risk profiles for VASP clients, and report suspicious transactions to regulators."
"Pakistani banks still can't invest in bitcoin or crypto. However, the central bank has drawn a firm line on direct exposure to digital assets."
Pakistan's central bank has lifted its ban on banking services for cryptocurrency firms, enabling regulated banks to open accounts for licensed virtual asset service providers. This change follows the enactment of the Virtual Assets Act 2026, marking a significant step towards integrating digital asset businesses into the formal financial system. Banks must verify licensing, conduct due diligence, and adhere to strict safeguards against financial risks. However, banks are prohibited from investing in or holding cryptocurrencies directly.
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