"The State Bank of Pakistan (SBP) issued BPRD Circular Letter No. 10 of 2026, permitting SBP-regulated entities to open accounts for licensed virtual asset service providers (VASPs) under defined compliance conditions."
"The Virtual Assets Act, 2026 has been enacted, pursuant to which, Pakistan Virtual Asset Regulatory Authority (PVARA) has been established as the statutory authority responsible for the licensing, regulation, supervision and oversight of virtual asset activities in Pakistan."
"The directive effectively replaces the earlier restriction and allows regulated institutions to work with licensed entities, noting: subject to strict compliance with the conditions outlined herein."
Pakistan has opened a controlled banking channel for licensed digital asset firms, reversing a previous ban on banking access. The State Bank of Pakistan issued a circular allowing banks to open accounts for licensed virtual asset service providers under strict compliance conditions. This regulatory update is supported by the enactment of the Virtual Assets Act, 2026, which established the Pakistan Virtual Asset Regulatory Authority to oversee virtual asset activities. The new framework emphasizes due diligence and risk controls for banks working with licensed entities.
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