HomeNewsPakistan High Court orders govt to Regulate Crypto in Three months

Pakistan High Court orders govt to Regulate Crypto in Three months

Pakistan high court orders government to regulate crypto in three months. The High Court of Sindh (SHC) also asked for a report on deliberations surrounding crypto regulations within the same time period. 

The highest judicial body in Pakistan’s Sindh Province has asked the government to come up with modalities for cryptocurrency regulation.

Also, the SHC also requested that a report on the steps taken to regulate cryptocurrencies be submitted in the same time period.

According to Pakistani English daily The Express Tribune, the SHC gave the instruction while hearing a petition brought before the court challenging the legality of the country’s 2018 crypto ban.

The SHC instructed regulators such as the Securities and Exchange Commission of Pakistan (SECP) and the central bank to work with government agencies such as the Ministries of Information Technology and Law to develop crypto regulations within three months.

A head scratch for Pakistan High Court

As per reports, money laundering and terrorism financing have been a major headache for the Pakistan judiciary, which makes it reportedly at the heart of government consultation surrounding cryptocurrencies. Especially amid pressure from the Financial Action Task Force.

The SHC’s instruction on Wednesday puts Sindh as the latest province to demand some form of recognition for cryptocurrencies in Pakistan.

In December last year, the Khyber Pakhtunkhwa assembly called on the federal government to legalize crypto. At the time, the lawmakers pointed to the broad-based nature of digital currency adoption as an indication that cryptocurrencies were poised to replace fiat in the future.

Meanwhile, the State Bank of Pakistan (SBP), like many other central banks worldwide, is also studying central bank digital currencies.

In March, Khyber Pakhtunkhwa, another of Pakistan’s four provinces, announced plans to pilot crypto mining farms in the region.

In a separate crypto-related case before the Lahore High Court involving the SECP, the SBP and the federal government, stakeholders. The court asked for participants to present legal points on the matter in subsequent proceedings.

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