Regulatory Alerts2026-04-14 | BPRD Circular Letter No. 10Added · Updated
Authorizing Bank Accounts for PVARA-Licensed VASPs and Their Customers
SBP Regulated Entities may open bank accounts for entities licensed or holding a No Objection Certificate from the Pakistan Virtual Asset Regulatory Authority, replacing the previous prohibition on dealing in virtual currencies. Licensed Virtual Asset Service Providers must use separate, PKR-denominated, non-remunerative Client Money Accounts that prohibit cash transactions and the use of funds as collateral. Regulated entities are required to verify PVARA licenses, conduct enhanced due diligence, update risk profiling models, and report suspicious transactions, while remaining prohibited from investing in or trading virtual assets with their own funds or customer deposits.