- Peshawar High Court has ordered the federal government to complete cryptocurrency trading legislation within two months.
- The court rejected the government’s request for a one-month extension, directing compliance and a report submission.
- In a related development, Binance founder Changpeng Zhao has joined the Pakistan Crypto Council as a strategic advisor.
The Peshawar High Court (PHC) has directed Pakistan’s federal government to finalize legislation regulating cryptocurrency trading within a strict two-month deadline, according to ARY News. The ruling came on Friday during proceedings related to a petition challenging illegal cryptocurrency and digital Forex trading practices in the country.
A division bench comprising Justice Syed Arshad Ali and Justice Khurshid Iqbal presided over the hearing. When the Deputy Attorney General requested additional time, claiming the government needed one more month to complete the drafting process, Justice Ali firmly responded: “We are granting two months — ensure the legislation is completed within this time frame.”
Court Demands Prompt Action on Crypto Regulation
The PHC instructed federal authorities to not only enact the necessary legislation within the specified timeframe but also submit a formal compliance report to the court afterward. This ruling represents a significant push toward establishing a regulatory framework for digital currencies in Pakistan, where cryptocurrency trading currently operates in a legal gray area.
The case specifically addresses concerns about illegal cryptocurrency trading activities that have proliferated without proper oversight. By mandating formal regulation, the court aims to bring structure to the rapidly growing digital currency market in the country.
Binance Founder Joins Pakistan’s Crypto Ecosystem
In a parallel development highlighted in the proceedings, Changpeng Zhao, founder of global cryptocurrency exchange Binance and commonly known as CZ, has been appointed as strategic advisor to the Pakistan Crypto Council.
The announcement came during a high-profile meeting in Islamabad that included Zhao alongside representatives from the Pakistan Crypto Council. The session was chaired by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, with additional participation from the Securities and Exchange Commission of Pakistan (SECP) chairman, the State Bank of Pakistan governor, and secretaries from both the Law and IT ministries.
Zhao’s appointment, as reported in a previous article, signals growing interest in developing Pakistan’s cryptocurrency infrastructure as the country moves toward formalizing its stance on digital assets.
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