Pakistan central bank allows crypto firms to open accounts after 8 years

The State Bank of Pakistan (SBP) has permitted Virtual Asset Service Providers (VASPs) to open bank accounts, ending an eight-year ban, Reuters reported. The move is seen as a step toward integrating cryptocurrencies into the formal financial system. Under the new rules, banks in Pakistan can accept these firms as clients after verifying their government-issued VASP licenses. However, the banks themselves are prohibited from investing customer funds in cryptocurrencies or holding such assets.