The Peshawar High Court (PHC) has issued a decisive order requiring the federal government to establish comprehensive cryptocurrency regulations within two months.
A division bench comprising Justice Syed Arshad Ali and Justice Khurshid Iqbal delivered the ruling during proceedings concerning illegal digital currency trading activities.
During Friday’s hearing, the court rejected the Deputy Attorney General’s request for a one-month extension to draft the legislation. Justice Arshad Ali emphasized the urgency: “We are granting two months to ensure the legislation is completed within this time frame.” The bench mandated the submission of a compliance report upon completion.
This judicial intervention coincides with significant developments in Pakistan’s digital finance landscape. Changpeng Zhao (CZ), founder of global cryptocurrency exchange Binance, has been appointed strategic advisor to the Pakistan Crypto Council. The appointment was formalized during a high-profile meeting in Islamabad attended by Finance Minister Muhammad Aurangzeb, SECP Chairman, State Bank Governor, and senior officials from Law and IT ministries.
Read: Pakistan to Legalize Crypto, Says Adviser Bilal Bin Saqib
The parallel developments signal Pakistan’s accelerating engagement with digital assets. While the PHC order addresses regulatory oversight of cryptocurrency trading, the government’s collaboration with industry leaders like CZ suggests a broader strategy to position Pakistan within the global blockchain ecosystem.
Legal experts note that the two-month deadline presents a challenging timeline for crafting effective cryptocurrency legislation. It requires coordination between financial regulators, legal authorities, and technology experts. The outcome will significantly impact Pakistan’s fintech sector and its alignment with international digital finance standards.