Pakistan, April 22 -- The State Bank of Pakistan (SBP) has lifted long-standing restrictions on banking services for licensed crypto currency firms, allowing them to open accounts with local banks for the first time in years.

Read More: SBP opens formal banking to licensed virtual asset service providers

The development was announced by Minister of State for Blockchain and Crypto Bilal Bin Saqib, who described the move as a major step toward regulating and formalising Pakistan's digital asset sector. He said the restriction on crypto-related banking activities, which had been in place for approximately eight years, has now been removed.

Under the new policy direction, commercial banks in Pakistan will be permitted to provide account se...