I have learned that the State Bank of Pakistan issued Circular No. 10 of 2026, which replaces the provisions in the 2018 Virtual Assets Prohibition Regulations with the Virtual Assets Act (2026).


It allows its regulatory entities to open bank accounts for virtual asset service providers licensed by the Pakistan Virtual Asset Regulatory Authority (PVARA) and their clients;
Regulatory requirements include verifying licenses, conducting due diligence, and establishing separate client funds accounts for settling authorized transactions.
It prohibits commingling funds, cash deposits and withdrawals, and using assets as collateral for financing, while continuously monitoring transactions and complying with anti-money laundering laws;
Additionally, only institutions with no-objection certificates can open limited-purpose accounts, and regulatory entities are not allowed to invest, trade, or hold virtual assets using their own or client funds.
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