[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-pakistan-banks-crypto-services-letter-zh":3,"article-related-pakistan-banks-crypto-services-letter-zh":32,"series-industry-a46f53da-8f37-45a9-b838-82d7d0b9f433":75},{"id":4,"slug":5,"title":6,"content":7,"summary":8,"source":9,"source_url":10,"author":11,"image_url":12,"cover_image":12,"category":13,"language":14,"translated_content":11,"related_article_id":15,"keywords":16,"key_takeaways":23,"views":28,"created_at":29,"published_at":30,"topic_cluster_id":31},"a46f53da-8f37-45a9-b838-82d7d0b9f433","pakistan-banks-crypto-services-letter-zh","巴基斯坦讓銀行碰加密服務","\u003Cp data-speakable=\"summary\">巴基斯坦通知銀行可提供加密服務，但仍不能交易或持有數位資產。\u003C\u002Fp>\u003Cp>講白了，這是開一條窄門，不是全面放行。巴基斯坦想讓 crypto 進到正規金融體系，但又不想讓銀行自己下場玩資產。這種切法很務實，也很官僚。\u003C\u002Fp>\u003Cp>它的重點很清楚。銀行可以碰服務層，不能碰資產層。也就是說，能做周邊流程，不能把 crypto 放進自己資產負債表。\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>政策點\u003C\u002Fth>\u003Cth>巴基斯坦說法\u003C\u002Fth>\u003Cth>實際效果\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>通知對象\u003C\u002Ftd>\u003Ctd>銀行與金融監管機構\u003C\u002Ftd>\u003Ctd>訊息直接送到會執行的人手上\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>允許事項\u003C\u002Ftd>\u003Ctd>提供 crypto 服務\u003C\u002Ftd>\u003Ctd>可支援客戶端相關業務\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>禁止事項\u003C\u002Ftd>\u003Ctd>交易或持有 crypto 資產\u003C\u002Ftd>\u003Ctd>避免銀行直接曝險\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch2>這不是放行，是切開風險\u003C\u002Fh2>\u003Cp>這份信件最有意思的地方，在於它沒有把銀行變成交易員。它只說可以提供服務，沒說可以買幣、賣幣，或把幣放進自家帳上。這差很多。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782585173687-1od9.png\" alt=\"巴基斯坦讓銀行碰加密服務\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>監管機關常用這種寫法。先讓活動進入可見範圍，再把高風險部分鎖住。這樣政府比較好管，銀行也比較知道界線在哪。\u003C\u002Fp>\u003Cp>對 crypto 業者來說，這種訊號比口號有用。因為市場能不能跑，常常不是看大家喜不喜歡 crypto，而是看銀行願不願意接單、收款、做 KYC。\u003C\u002Fp>\u003Cul>\u003Cli>銀行可提供 crypto 服務。\u003C\u002Fli>\u003Cli>銀行不得交易 crypto 資產。\u003C\u002Fli>\u003Cli>銀行不得持有 crypto 資產。\u003C\u002Fli>\u003Cli>政策先管機構，不先放大散戶風險。\u003C\u002Fli>\u003C\u002Ful>\u003Ch2>銀行最在意的是合規，不是情懷\u003C\u002Fh2>\u003Cp>銀行看到 crypto，第一個反應通常不是熱血，而是風控表。它們會先問：這算不算高風險業務？要不要額外資本？出事算誰的？巴基斯坦這次的訊息，至少先回答了部分問題。\u003C\u002Fp>\u003Cp>如果只能做服務，不能碰資產，操作模型就會小很多。這對合規團隊很重要，因為他們可以先設計流程，再決定要不要上線。講白了，界線越明確，銀行越敢動。\u003C\u002Fp>\u003Cp>這裡可以借用美國監管圈的說法。\u003Cblockquote>\u003Cp>“Banks should not be in the business of speculating on crypto assets,” said Michael Barr, the Federal Reserve’s vice chair for supervision.\u003C\u002Fp>\u003C\u002Fblockquote>這句話很直白。銀行可以做基礎設施，但別把自己變成賭桌的一部分。\u003C\u002Fp>\u003Cp>巴基斯坦的做法跟這個邏輯很像。它不是在替 crypto 背書，而是在說：服務可以討論，風險不要亂塞進銀行體系。\u003C\u002Fp>\u003Ch2>和其他市場比，巴基斯坦算保守\u003C\u002Fh2>\u003Cp>如果拿來跟其他地區比，巴基斯坦的立場其實不算激進。它比較像「先開門縫」，不是「一腳踹開」。這種路線在新興市場很常見。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782585172250-r13i.png\" alt=\"巴基斯坦讓銀行碰加密服務\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>有些地方會讓銀行做託管，甚至做部分交易服務。也有些地方直接全面禁止。巴基斯坦現在站在中間，偏向可控開放。\u003C\u002Fp>\u003Cp>下面這個對照比較好懂：\u003C\u002Fp>\u003Cul>\u003Cli>巴基斯坦：可提供服務，不可交易或持有。\u003C\u002Fli>\u003Cli>美國部分監管機關：允許有限活動，但審查很重。\u003C\u002Fli>\u003Cli>較寬鬆市場：銀行可做託管或代幣相關業務。\u003C\u002Fli>\u003Cli>嚴格市場：銀行完全不能碰 crypto。\u003C\u002Fli>\u003C\u002Ful>\u003Cp>這種差異很現實。因為 crypto 真正\u003Ca href=\"\u002Fnews\u002Fai-agents-web3-strict-controls-not-hype-zh\">需要\u003C\u002Fa>的，常常不是熱度，而是銀行管道。沒有法幣出入金，很多服務都只是空殼。\u003C\u002Fp>\u003Cp>所以這份信件的價值，不在於它多大方，而在於它多實際。它把「能做什麼」和「不能做什麼」切得很細，這對業者來說反而比較好用。\u003C\u002Fp>\u003Ch2>背後其實是金融監管的老問題\u003C\u002Fh2>\u003Cp>每次 crypto 進入銀行討論，核心問題都差不多。怎麼讓創新留在體系內，又不要讓銀行去承擔過高波動。這不是新題目，只是換了新名詞。\u003C\u002Fp>\u003Cp>對監管機關來說，最怕的是失控。對銀行來說，最怕的是法遵成本爆掉。對業者來說，最怕的是政策說得很大聲，細節卻一個都沒有。\u003C\u002Fp>\u003Cp>巴基斯坦這次至少先給了方向。接下來要看的，是它會不會把這封信變成正式\u003Ca href=\"\u002Fnews\u002Fai-web3-equal-rules-not-special-gates-zh\">規則\u003C\u002Fa>，還是只停在政策訊號。若有後續執照制度或操作指引，市場才真的能開始算帳。\u003C\u002Fp>\u003Cp>現在可以先記住一句話：巴基斯坦沒有說 crypto 可以無\u003Ca href=\"\u002Fnews\u002Fai-payment-bots-strict-limits-web3-zh\">限制\u003C\u002Fa>進銀行，它只是說服務層可以談，資產層先別碰。這種保守打法，通常比空喊開放更接近現實。\u003C\u002Fp>\u003Ch2>接下來看三件事就夠了\u003C\u002Fh2>\u003Cp>第一，看銀行會不會真的開始接 crypto 相關服務。第二，看監管機關會不會補出更細的合規條件。第三，看這會不會帶動本地交易所、支付公司、託管服務商重新排隊。\u003C\u002Fp>\u003Cp>如果你在做金融軟體或合規工具，這種政策最值得盯。因為它通常先改變的是流程，不是市場情緒。流程一變，\u003Ca href=\"\u002Ftag\u002Fapi\">API\u003C\u002Fa>、KYC、風控和報表需求就會跟著變。\u003C\u002Fp>\u003Cp>我的判斷很直接：巴基斯坦這次不是在押寶 crypto，而是在測試怎麼把它收進制度裡。你如果在看南亞市場，接下來 6 到 12 個月的監管文本，比新聞標題更重要。\u003C\u002Fp>","巴基斯坦通知銀行可提供加密服務，但仍不能交易或持有數位資產。這代表它想把 crypto 拉進監管體系，卻不讓銀行直接承擔資產風險。","www.coindesk.com","https:\u002F\u002Fwww.coindesk.com\u002Fpolicy",null,"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782585173687-1od9.png","industry","zh","ddc16aea-144e-4f69-9dec-37008737e8b4",[17,18,19,20,21,22],"巴基斯坦","加密貨幣","銀行監管","crypto services","數位資產","金融政策",[24,25,26,27],"巴基斯坦允許銀行提供 crypto 服務，但禁止交易或持有資產。","這種做法是把服務層和資產風險切開。","銀行最在意的是合規邊界，不是市場口號。","真正重要的是後續會不會出正式規則和執照制度。",0,"2026-06-27T18:32:28.091491+00:00","2026-06-27T18:32:28.084+00:00","4455e43a-129d-42d5-ad34-e4c0530adf1d",{"tags":33,"relatedLang":34,"relatedPosts":38},[],{"id":15,"slug":35,"title":36,"language":37},"pakistan-banks-crypto-services-letter-en","Pakistan Tells Banks They Can Offer Crypto Services","en",[39,45,51,57,63,69],{"id":40,"slug":41,"title":42,"cover_image":43,"image_url":43,"created_at":44,"category":13},"2685c709-3a8e-4c1c-8837-d65556834757","ai-tokens-rebound-tao-solana-confidential-compute-zh","AI Token 反彈，TAO 登上 Solana","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782594176373-jgdo.png","2026-06-27T21:02:34.077063+00:00",{"id":46,"slug":47,"title":48,"cover_image":49,"image_url":49,"created_at":50,"category":13},"91d48822-ee0c-45cc-a8d6-f19f69f5d78c","arm-servers-top-45-percent-data-center-revenue-q1-2026-zh","Arm 伺服器 Q1 2026 佔營收 45%","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782590567215-10kb.png","2026-06-27T20:02:25.594791+00:00",{"id":52,"slug":53,"title":54,"cover_image":55,"image_url":55,"created_at":56,"category":13},"defa917b-b3fe-49c7-a1ac-e46e5050737c","azure-databricks-analytics-ai-governance-zh","6 個 Azure Databricks 核心能力","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782589666004-l3al.png","2026-06-27T19:47:22.100114+00:00",{"id":58,"slug":59,"title":60,"cover_image":61,"image_url":61,"created_at":62,"category":13},"32300eb0-be8b-4b0a-8f81-86a1b849bb7d","kehua-charging-stack-turns-ev-sites-into-power-hubs-zh","Kehua 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