Pakistan Government Allows Banks To Provide Crypto Services But Keeps The Ban On Crypto Trading And Asset Holding
According to CoinDesk, Pakistan Government has lifted the 7-year ban in a historic move to open up its economy to increased digital adoption and thus cryptocurrency services. As a result, Pakistan Government has sent a letter to all the banks as well as financial regulatory firms to allow Cryptocurrency services to exist but has kept crypto trading and crypto asset holding banned.
Through the lifting of the ban, Pakistan Government has allowed banks to open accounts for virtual asset service providers approved by the Pakistan Virtual Asset Regulatory Authority. This follows the 2026 Virtual Assets Act in which Pakistan “pursues plans for tokenized state assets, expanded Bitcoin mining and a national stablecoin”.
In addition to this, earlier in December, Pakistan Government signed a MoU (Memorandum of Understanding) with Binance, allowing the world’s largest crypto exchange by trade volume, to explore the tokenization of up to $2 billion in bonds, treasury bills and commodity reserves in Pakistan.
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