KARACHI: The State Bank of Pakistan has allowed crypto companies to open bank accounts in the country and promulgated the Virtual Assets Act 2026 for crypto firms.
According to the central bank, only crypto companies licensed by the Pakistan Virtual Assets Regulatory Authority will be permitted to open accounts. These firms will operate accounts under a new category called “client money accounts.”
The SBP clarified in its circular that deposits and withdrawals will not be allowed in these accounts. Banks will not be permitted to use their own funds or customers’ money in crypto-related accounts. Additionally, crypto trading through banks will be conducted only in Pakistani rupees and via online platforms.
The banking policy and regulation circular stated that these accounts will be strictly limited to digital transactions and cannot be used for loans or as collateral. No profit or return will be paid on crypto accounts.
All banks across the country will be required to monitor and scrutinise crypto accounts under strict regulations, and must also update their risk profiling systems accordingly.
