State Bank of Pakistan Lifts Ban on Virtual Assets; Licensed VASPs Officially Integrated into Banking System

According to market reports, the State Bank of Pakistan has officially lifted its ban on virtual assets, which had been in effect since 2018. Banks are now permitted to open separate, non-interest-bearing Pakistani Rupee accounts for Virtual Asset Service Providers (VASPs) licensed by the Pakistan Virtual Assets Regulatory Authority (PVARA). Banks must conduct due diligence on such entities.