On April 6, 2018, the State Bank of Pakistan (SBP) advised that virtual currencies/coins/tokens are neither recognized as a legal tender, nor has SBP authorized or licensed any individual or entity for the issuance, sale, purchase, exchange, or investment in any virtual currency/coins/tokens in Pakistan. Further, banks, development finance institutions, microfinance banks, and payment system operators (PSOs)/payment service providers (PSPs) have been advised not to facilitate their customers/account holders to transact in virtual currencies or initial coin offerings (ICOs). Domestic and international payment and money transfer services in Pakistan are regulated by SBP under applicable laws. In this regard, no entity is currently licensed or authorized by SBP to offer money remittance services and products in Pakistan using virtual currencies/coins/tokens. Persons using virtual currencies/coins/tokens for the purpose of transferring value outside of Pakistan are subject to prosecution as per the applicable laws.