The State Bank of Pakistan (SBP) has permitted licensed cryptocurrency companies to open bank accounts in the country following the promulgation of the Virtual Assets Act 2026.
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According to the central bank, only firms authorised by the Pakistan Virtual Assets Regulatory Authority will be eligible to operate accounts, which will fall under a newly introduced category termed “client money accounts.”
The SBP clarified that these accounts will be subject to strict limitations. Deposits and withdrawals will not be allowed, and banks will be prohibited from using their own funds or customers’ money for crypto-related activities.
Under the framework, all crypto transactions conducted through banks must be carried out in Pakistani rupees and exclusively via digital platforms. The accounts will be restricted to digital transactions and cannot be used for lending, collateral, or profit-generating purposes.
Additionally, no returns or interest will be paid on funds held in such accounts, ensuring a clear separation between traditional banking operations and crypto-related activities.
The central bank has also directed all commercial banks to implement enhanced monitoring mechanisms for these accounts, including updated risk profiling systems to ensure compliance with regulatory standards.
Officials said the move aims to introduce a controlled and transparent framework for digital assets in Pakistan while safeguarding the financial system from potential risks associated with cryptocurrency operations.
