In a landmark decision, the Peshawar High Court has directed the federal government to finalize legislation on cryptocurrency within two months. The ruling comes amidst growing concerns over the unregulated nature of crypto trading and digital forex businesses in Pakistan.
Details of the Court Hearing
The hearing was conducted by Justice Syed Arshad Ali and Justice Khurshid Iqbal. During the proceedings, the Deputy Attorney General requested one month to complete the legislative process. However, the court granted a two-month deadline, instructing the government to draft regulations and submit a detailed report on cryptocurrency legislation.
Pakistan’s Crypto Landscape: A Turning Point
Pakistan is poised to make significant strides in the world of cryptocurrency. The Pakistan Crypto Council (PCC) is already actively working on safeguarding digital assets and creating a comprehensive framework for blockchain technology.
Binance’s CZ Joins as Strategic Advisor
In a major boost to Pakistan’s crypto ambitions, Changpeng Zhao (CZ), founder of Binance, has been appointed as Strategic Advisor to the PCC. CZ’s inclusion is seen as a “digital explosion” for Pakistan’s crypto ecosystem. With personal assets worth $80 billion—far exceeding Pakistan’s foreign exchange reserves—CZ’s expertise is expected to accelerate Pakistan’s goals in cryptocurrency mining and blockchain adoption.
Crypto Mining: A New Frontier for Pakistan
Cryptocurrency mining involves creating digital coins using powerful computers and substantial electricity. Under CZ’s guidance, Pakistan aims to establish itself as a hub for crypto mining, leveraging blockchain technology for economic growth.
CEO Bilal Bin Saqib’s Vision for Crypto Regulation
Bilal Bin Saqib, CEO of the Pakistan Crypto Council, emphasized that comprehensive policies and regulations are being developed to ensure secure and transparent trading of digital assets.
He revealed that nearly 20 million Pakistanis are involved in cryptocurrency trading, with significant holdings in digital currencies. In fiscal year 2020-21 alone, Pakistan recorded $20 billion worth of crypto transactions, underscoring the need for legal frameworks to unlock revenue potential.
Why Regulation Matters
The introduction of clear laws will not only protect investors but also position Pakistan as a regional leader in blockchain innovation. Legal frameworks will help prevent fraud, ensure transparency, and attract foreign investment into the country’s burgeoning crypto market.
The Crypto.pk Perspective
At Crypto.pk, we welcome this decision as a crucial step toward formalizing cryptocurrency trading in Pakistan. As Pakistan’s leading platform for ethical investments, we are committed to guiding investors through regulatory changes while ensuring compliance with Islamic principles.
Here’s how Crypto.pk can assist you:
- Shariah-Compliant Investments: We specialize in digital assets that align with Islamic financial principles.
- Expert Guidance: Our team offers personalized advice on navigating regulatory developments and building secure crypto portfolios.
- Market Insights: Stay updated on legislative progress and its impact on Pakistan’s crypto ecosystem.
FAQs
What does this ruling mean for Pakistani investors?
The court’s directive ensures that cryptocurrency trading will soon operate under clear legal frameworks, boosting investor confidence.
How does Crypto.pk ensure Shariah compliance?
We rigorously vet all digital assets to ensure they meet Islamic financial principles before offering them to clients.
What is cryptocurrency mining?
Crypto mining involves creating digital coins using powerful computers and electricity-intensive processes.
Call-to-Action
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Source: Ary News
