TLDR Tech / Crypto
Pakistan Allows Banks to Open Accounts for Licensed VASPs
The State Bank of Pakistan has issued a circular allowing banks to open and maintain accounts for companies licensed as Virtual Asset Service Providers under the new Virtual Assets Act, 2026, effectively reversing the 2018 blanket ban that blocked crypto firms from the banking system. Conditions are strict: dedicated client money accounts denominated in Pakistani rupees, no interest, no cash deposits or withdrawals, no use as loan collateral, and mandatory segregation of company and customer funds. It's a significant emerging-market milestone, opening formal banking rails to crypto businesses in a country with over 220 million people and a rapidly growing digital payments user base.
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