The State Bank of Pakistan allows banks to open accounts for licensed virtual asset service providers, overturning the 2018 ban.

ME News Report, April 15 (UTC+8), the Central Bank of Pakistan has permitted banks to open accounts for licensed virtual asset service providers, overturning the ban from 2018. This move follows the 2026 Virtual Asset Act and marks Pakistan’s first time including crypto-related businesses into the banking system, which must comply with strict anti-money laundering and compliance regulations. The State Bank of Pakistan stated that banks must verify the license issued by the Pakistan Virtual Asset Regulatory Authority before accepting businesses and open segregated, non-interest-bearing customer accounts in rupees. Banks remain responsible for due diligence, risk analysis, and suspicious transaction reporting but are not allowed to use their own or customer funds to invest in or hold virtual assets. (Source: PANews)