Pakistan’s Sindh High Court directs the government to develop crypto regulatory framework within 3 months

The

Sindh High Court

in Pakistan directed the government on October 20, to develop and submit the proposed regulatory framework for cryptocurrencies within 3 months. The High Court also formed a committee headed by federal finance secretary Kamran Ali Afzal to fast-track and oversee the progress on the matter. Besides, the court has advised the government to seek suggestions from all stakeholders including IT ministries Securities and Exchange Commission of Pakistan (SECP) and State Bank of Pakistan (

SBP

).

The court issued the directive after a two-judge hearing on a petition that challenged the ban by SBP on cryptocurrencies. The two-judge bench was headed by

Muhammad Karim Khan Agha

and the hearing was attended by SBP and Federal Investigation Agency (FIA) and the petitioners,

Tribune

reported. The SBP had banned all cryptocurrency transactions in the country in April 2018.

Another case regarding cryptocurrency regulations was heard at Lahore High court earlier in October, where the High court enquired the federal law officer whether SBP had laid down any regulations regarding cryptocurrencies in the country. The head of the SBP Reza Baqir said that the authority was investigating in April, ways to regulate cryptocurrencies and their potential for enabling unofficial transactions within the legal framework in Pakistan.

The recent drive of gearing up for developing regulatory framework for cryptocurrencies comes in the wake of booming crypto trading in Pakistan which was ranked 3rd in Chainalysis global crypto adoption index. Pakistan’s crypto market grew the most at 711 percent, and Central and South Asia and Oceania (CSAO) gained a valuation of $572.5 billion in 12 months upto June 2021. The Chainalysis report also showed that Pakistan received an excess of $1.5 billion in crypto-cash last year.

About 56 million people in the country are using cryptocurrencies since 2021, a Pakistani politician said in a session of the National Assembly, NDTV reported. In India, the cryptocurrency bill will be tabled in the Winter session. Besides, RBI plans to launch its CBDC in the near future. .

For the latest crypto news and investment tips, follow our Cryptocurrency page and for live cryptocurrency price updates, click here.