Gate News message, April 16 — Pakistan’s central bank has opened its formal banking system to licensed virtual asset service providers, reversing a 2018 restriction that had effectively barred crypto businesses from regulated financial channels. The move follows the Virtual Assets Act 2026, which created a legal framework for licensing and supervising crypto-related businesses through the Pakistan Virtual Assets Regulatory Authority (PVARA).
Banks can now open accounts for PVARA-licensed firms, but access comes with strict controls. Financial institutions remain prohibited from investing in virtual assets themselves or on behalf of clients. Customer funds tied to crypto firms must be held in segregated, non-interest-bearing local currency accounts. Banks must also conduct ongoing due diligence, monitor transactions, and report suspicious activity under existing anti-money-laundering rules.
The policy allows licensed crypto businesses to access banking services for payments, payroll, and client fund management—removing a significant operational hurdle that had previously forced the sector to operate outside traditional finance. However, Pakistan’s framework maintains a clear boundary: regulated banking access is tied directly to licensing and compliance oversight, with the central bank handling financial sector participation while PVARA manages sector regulation.
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