Pakistan Lifts 8-Year Ban on Crypto Banking, Banks Allowed to Open Accounts for Licensed Crypto Firms: Bilal Bin Saqib

Islamabad: Minister of State for Blockchain and Cryptocurrency, Bilal Bin Saqib, has announced that the State Bank of Pakistan (SBP) has lifted an eight-year-old restriction on crypto banking, marking a significant regulatory shift in the country’s financial sector.
In a statement issued from Islamabad, he said that Pakistani banks are now allowed to open accounts for licensed cryptocurrency companies. He added that previously, crypto firms had no formal linkage with the banking sector.
Bilal Bin Saqib clarified that while banks can now facilitate accounts for licensed crypto businesses, they are strictly prohibited from directly engaging in cryptocurrency trading. He stated that banks cannot purchase or hold crypto assets using their own funds or customer deposits.
He further emphasized that this move aims to regulate the crypto ecosystem in Pakistan while ensuring compliance with financial safeguards and international standards.