🔥State Bank of Pakistan SBP's New Crypto Circular: Benefits for Users: No Need for P2P‼️
💥What Was the 2018 Ban❓️
Before: In 2018, SBP issued BPRD Circular No. 3. Banks were prohibited from opening accounts for crypto companies
👉Result:
Crypto was in a "grey area" in Pakistan. People used P2P, foreign exchanges. Fraud risk was high.
💥What Happened on April 14, 2026❓️
🔹️New Circular:
SBP issued BPRD Circular No. 10 (2026). The old 2018 ban is now lifted.
🔹️New Law:
The Virtual Assets Act was passed in March 2026. After that, PVARA (Pakistan Virtual Assets Regulatory Authority) was formed.
👉Now Allowed: Banks can now open bank accounts for licensed crypto exchanges.
💥What Is PVARA❓️
🔹️New Regulator
PVARA will now issue licenses to crypto companies in Pakistan.
🔸️Only Licensed Firms:
Banks will only service exchanges that have a PVARA license.
🔹️Binance/HTX
These exchanges have already received initial clearance for licensing.
💥What Are the Banks' Limits❓️
🔹️Only Accounts
Banks will only maintain "Client Money Accounts" in PKR, non-interest-bearing.
🔸️No Crypto Trading
Banks cannot buy/sell/hold crypto using their own or customer funds.
🔹️Strict Checks
AML/CFT due diligence is required on every transaction.
💥Benefit for Regular Users
🔹️Direct PKR Deposit
In the future you'll be able to send money directly from your bank to licensed exchanges. No need for P2P.
🔸️Less Fraud
You'll avoid scam P2P dealers because legal banking rails will exist.
💥Regulated Environment
For the first time in 8 years, crypto is being brought into the formal system.
💥What to Wait For Now❓️
🔹️Licensing Pending
Exchanges still need to get licenses from PVARA. Process is ongoing.
💥Not Starting Immediately
The circular is out but banks and exchanges need time to set up.
💡Bottom Line
Pakistan has removed the crypto ban and started regulation. Only licensed companies will get banking, and regular users will get safe PKR deposit/withdraw options.