EU restores full trade relations with Syria as Visa and Mastercard go live after 15 years

For the first time in over 15 years, Syrians can use Visa and Mastercard. The two payment giants officially resumed operations on May 9, 2026, just two days before the European Union formally restored full trade relations with the country on May 11.

After more than a decade of crushing sanctions, international isolation, and a civil war that gutted the economy, the country is being plugged back into the financial grid. And crypto is already there waiting.

From sanctions to Mastercard: how Syria got here

The EU first imposed sanctions on Syria in 2011, during the early days of the civil war. The country’s trade volume, which peaked at $9.1 billion in 2010, collapsed.

Then came the fall of Bashar al-Assad’s government in December 2024. The EU began easing economic restrictions in May 2025, followed by the US lifting its sanctions in June 2025.

Mastercard signed an agreement with Syria’s central bank in September 2025 to build out digital payment infrastructure. The actual launch of both Visa and Mastercard services came through Qatar National Bank, which was authorized to facilitate the re-entry of these networks into the Syrian market.

Crypto got there first

Binance launched operations in Syria in June 2025, offering access to over 300 tokens and facilitating trades denominated in Syrian pounds.

Chainalysis has reported a rise in informal crypto payment systems across Syria, as banking limitations persisted even after the political landscape shifted. Binance experienced a notable surge in trading volumes from Syrian users following the sanctions removal.

The Syrian Center for Economic Studies published a proposal in January 2025 suggesting two bold moves: legalizing Bitcoin and digitizing the Syrian lira. Experts have noted that formal crypto regulations have not been a priority for the transitional administration.

What this means for investors and the crypto market

The re-entry of Visa and Mastercard doesn’t compete with crypto here. Traditional payment networks handle the everyday retail layer, while crypto platforms serve as the bridge for cross-border flows, remittances, and access to global markets that Syria’s domestic banking system still can’t provide efficiently.

Syria’s caretaker government has not established a clear regulatory framework for digital assets, creating uncertainty around compliance, consumer protection, and the long-term legality of crypto transactions.

If the government follows through on proposals like legalizing Bitcoin or creating a digital Syrian lira, it could position the country as a meaningful player in the Middle Eastern crypto landscape.

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