Pakistan lifts 8-year ban on crypto banking: minister

Minister of State for Blockchain and Crypto Bilal Bin Saqib has announced that the State Bank of Pakistan (SBP) has lifted its eight-year-long restriction on crypto banking, marking a major shift in the country’s approach toward digital assets.

In a statement, the minister said that Pakistani banks are now permitted to open accounts for licensed cryptocurrency companies. This development, he noted, is expected to pave the way for regulated and legally structured activity in the country’s emerging digital asset sector.

According to Bilal Bin Saqib, the decision ends a long-standing prohibition that had prevented formal banking relationships with crypto-related businesses. He described the move as a step toward integrating Pakistan into the global digital finance ecosystem, where blockchain-based services and crypto assets are increasingly being regulated rather than restricted.

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The policy shift is likely to support the growth of blockchain startups, crypto exchanges, and fintech companies operating within Pakistan. Industry stakeholders have long argued that the absence of banking access has been one of the biggest barriers to innovation and investment in the sector.

With the new framework, licensed crypto firms may now be able to maintain bank accounts, process payments, and operate more transparently under regulatory oversight. Officials say this could also improve compliance, reduce informal activity, and help authorities monitor digital transactions more effectively.

However, experts caution that successful implementation will depend on clear regulatory guidelines, anti-money laundering safeguards, and coordination between financial regulators and the emerging crypto industry.

The announcement signals a broader policy shift as Pakistan explores the potential of blockchain technology and digital finance, aiming to balance innovation with financial stability and regulatory control.