The State Bank of Pakistan (SBP) has lifted long-standing restrictions on banking services for licensed crypto currency firms, allowing them to open accounts with local banks for the first time in years.
Read More: SBP opens formal banking to licensed virtual asset service providers
The development was announced by Minister of State for Blockchain and Crypto Bilal Bin Saqib, who described the move as a major step toward regulating and formalising Pakistan’s digital asset sector. He said the restriction on crypto-related banking activities, which had been in place for approximately eight years, has now been removed.
Under the new policy direction, commercial banks in Pakistan will be permitted to provide account services to licensed cryptocurrency companies. This is expected to facilitate transparent financial transactions and encourage compliance with regulatory standards.
Officials believe the decision will help bring crypto-related activities into the documented economy, reducing reliance on informal channels. It may also attract investment and innovation in blockchain technology, which has seen rapid global growth in recent years.
The easing of restrictions signals a shift in the central bank’s approach, moving from caution to controlled adoption. Analysts say the move could support fintech development and create new opportunities for startups operating in the digital assets space.
However, experts also stress the importance of robust oversight to mitigate risks such as money laundering, fraud, and market volatility. Regulatory frameworks and licensing mechanisms will play a key role in ensuring the sector develops in a secure and sustainable manner.
The decision aligns Pakistan with a growing number of countries that are introducing structured policies for cryptocurrency use while maintaining financial safeguards.
Read More: SBP allows banks to open accounts for licensed crypto firms
Industry stakeholders have welcomed the move, calling it a positive signal for innovation and economic diversification. The policy is expected to gradually reshape Pakistan’s financial landscape as digital finance continues to evolve.