Pakistan lifts seven-year ban, allowing banks to service crypto providers
CoinDesk·3h ago·Positivity
What Happened
Pakistan's central bank lifted its seven-year ban on cryptocurrency services, permitting banks to serve licensed crypto firms under new regulations. The 2026 Virtual Assets Act established the Pakistan Virtual Asset Regulatory Authority to license and supervise the sector. Banks cannot trade, invest, or hold crypto assets themselves but must comply with anti-money laundering and know-your-customer requirements. The move follows Binance's December agreement to explore tokenizing two billion dollars in Pakistani bonds and treasury bills.
Key Entities
PakistanState Bank of PakistanPakistan Virtual Asset Regulatory Authority (PVARA)Binance2026 Virtual Assets ActVirtual Asset Service Providers (VASPs)