#StateBankOfPakistan State Bank of Pakistan _does_ allow Pakistani banks to open accounts for crypto-related businesses — but with strict conditions.

*What changed*

SBP officially lifted its 2018 crypto banking ban after the _Virtual Assets Act, 2026_ passed. This is Pakistan’s first formal legal framework for digital assets. d6f45ea0

*Rules for opening crypto-linked bank accounts*

1. *Only for licensed firms, not individuals yet*: Banks may open accounts for entities "duly licensed by PVARA as Virtual Asset Service Providers (VASPs)". PVARA = Pakistan Virtual Asset Regulatory Authority.

2. *Banks must verify the license*: Before onboarding, banks have to check PVARA issued the license.

3. *Account type*: Must be segregated, non-interest-bearing client accounts in rupees.

4. *Banks can't touch crypto directly*: Lenders cannot invest in or hold virtual assets using their own or customer funds. They just provide banking rails.

5. *Heavy compliance*: Banks stay responsible for due diligence, risk profiling, and reporting suspicious transactions. 5ea0d6f4

*What this means for you*

Who you are Can you open a crypto bank account?

**Licensed crypto exchange / wallet provider** Yes, if you have a PVARA license

**Individual retail user** Not directly. You'd use a licensed VASP/exchange that has the bank account. SBP said "Can Pakistani people buy virtual assets now?" and replied yes, but via regulated framework

**Overseas Pakistani** PVARA legalized use and transaction of digital currency assets by overseas Pakistanis

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*Important context*

1. *This overrides the old ban*: SBP had declared crypto illegal in 2024 and even in 2022 told people to "refrain from trading". That advisory is being withdrawn.

2. *Digital rupee coming*: SBP is piloting a central bank digital currency this fiscal year. It will enable purchase of virtual assets.

3. *Still not for payments*: Virtual assets will be transferable but "cannot be used for purchasing goods, services, or investments outside the ecosystem". 75009882fed3

*Bottom line*: If you’re a company, you need a PVARA license