KARACHI – The State Bank of Pakistan (SBP) has announced that licensed crypto companies can now open bank accounts as the Virtual Assets Act 2026 has been enforced.
Under the new framework, crypto firms will operate “Client Money Accounts” for the first time, a circular said. It added that transactions in these accounts will be conducted exclusively in Pakistani rupees and only for digital trading.
It further stated that these accounts must remain strictly separate from other accounts maintained by VASPs, and mixing the firms’ own funds with client funds would not be allowed.
The central bank also barred cash deposits and cash withdrawals in these accounts. It further said money held in CMAs cannot be pledged as collateral or used as security for any financing or credit facility extended to VASPs.
The central bank said, “The act has been enacted, pursuant to which the Pakistan Virtual Asset Regulatory Authority (PVARA) has been established as the statutory authority responsible for the licensing, regulation, supervision and oversight of virtual asset activities in Pakistan”.
SBP said its regulated institutions may open bank accounts for businesses licensed by PVARA as Virtual Asset Service Providers (VASPs), as long as they fully adhere to the central bank’s requirements.
“Subject to strict compliance with the conditions outlined herein, SBP Regulated Entities (REs) may open bank accounts of entities duly licensed by PVARA as Virtual Asset Service Providers (VASPs),” read the circular.
Before taking on a VASP as a client or starting any activity with it, banks and other regulated entities must obtain and keep a copy of the provider’s valid PVARA licence and separately confirm its authenticity with the regulator.
The circular said regulated entities would open separate transactional accounts, described as client money accounts (CMAs), where applicable, to settle authorised transactions of licensed VASPs in line with their business models and the services they are permitted to offer.
