*1. State Bank ends 2018 ban - banks can now open accounts for licensed crypto firms*
The State Bank of Pakistan issued a circular on Tuesday allowing banks to open accounts for Virtual Asset Service Providers licensed by PVARA. This follows the _Virtual Assets Act 2026_ and is Pakistan’s first formal step to bring crypto into the regulated banking system.
*Conditions are strict:*
- Banks must verify the PVARA license and keep a copy on record
- Client accounts must be separate, rupee-denominated, and non-interest-bearing (CMAs)
- No cash deposits/withdrawals allowed in CMAs, and VASP funds can’t be mixed with client funds
- Banks cannot invest in or hold virtual assets themselves or with customer funds
PVARA Chairman Bilal bin Saqib said: “This is a foundational step in bringing virtual assets into the formal financial system of Pakistan”
*2. Binance and HTX get initial clearances*
PVARA has issued NOCs to Binance and HTX. This is not a full license yet but an “initial stage.” These exchanges can now register with AML systems, set up local units, and apply for full licensing. Entry into Pakistan won’t be allowed without AML registration and ownership transparency.
*3. Stablecoin deal with World Liberty Financial*
Pakistan is partnering with Trump family-linked World Liberty Financial to integrate its USD1 stablecoin into Pakistan’s digital payment infrastructure. The goal is to streamline cross-border payments and remittances. WLF CEO Zach Witkoff will meet Pakistani officials.
*4. Digital wallets and CBDC work also speeding up*
- The PM announced that 79% of Ramazan relief package funds were transferred via digital wallets. All welfare distribution will be digital from 2026
- 900,000 Pakistanis made ∼2 million transactions using new digital wallets
- The State Bank is planning a digital currency pilot
*5. Market rates today*
Diamond (DMD): 1 DMD = PKR 397.77
Gas (GAS): 1 GAS = PKR 462.75
*Summary:* Today Pakistan moved crypto from the “banned” to the “regulated” category. Regular users still can’t trade directly on exchanges yet, but licensed companies can now get bank accounts. The full licensing framework is still being built and there’s zero tolerance on AML/transparency
Want me to explain when trading might start for regular users, or how VASP licensing will work?