📍Pakistan allows banks to open accounts for licensed crypto firms, reversing 2018 ban. Big move 🇵🇰

Finance Division hosted a high-level consultative meeting on Pakistan’s National Digital Asset Framework, co-chaired by Finance Minister Senator Muhammad Aurangzeb and PVARA Chairman Bilal Bin Saqib. Top leadership from the State Bank, presidents of major Pakistani banks, and senior Binance executives including Global CEO Richard Teng joined the discussion. The meeting focused on Pakistan’s next steps toward building a secure, transparent, and innovation-driven digital asset ecosystem, including: 🔹 Responsible rollout of on/off-ramp infrastructure 🔹 Strengthened compliance and AML/CFT standards 🔹 Greater transparency across digital markets 🔹 Deeper integration of regulated financial institutions Minister Aurangzeb reaffirmed Pakistan’s commitment to a forward-looking regulatory environment that protects national interests while enabling technological progress. He stressed the need for strong coordination between government, global exchanges, and domestic banks to modernize payments, expand financial inclusion, and align with international best practices. The Binance delegation shared insights on global trends and Pakistan’s fast-growing role in the digital asset space. Discussions highlighted: 💠 The opportunity to formalize citizen-held virtual assets for better financial visibility 💠 Blockchain’s potential to reduce costs from Pakistan’s USD 38B annual remittance flows 💠 Building local talent for Web3, creating new high-value jobs for Pakistani youth 💠 Exploring sovereign debt tokenization to expand liquidity and investor access Participants also discussed principles for a practical taxation and compliance framework, including oversight through licensed exchanges, phased capital gains structures, and potential time-bound amnesty to shift users onto regulated platforms. Work is advancing on a structured licensing regime for Virtual Asset Service Providers, aimed at meeting global standards, ensuring user protection, and encouraging institutional participation. Bank presidents shared perspectives on custody, risk management, and collaboration as Pakistan prepares for a regulated digital asset environment that supports economic growth, investment, and technological innovation. In concluding remarks, Chairman Bilal Bin Saqib emphasized Pakistan’s unique opportunity to shape global digital finance norms and highlighted digital assets as core financial infrastructure capable of supporting inclusion, unlocking new banking opportunities, and driving national progress. He underscored PVARA’s commitment to a Pakistan-first, collaborative, and innovation-led approach rooted in regulatory alignment, sandboxes, and capacity-building.