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Pakistani provincial Supreme Court ruled to clarify cryptocurrency regulation

The Supreme Court of Sindh has considered the legality of the ban on cryptocurrencies in Pakistan. A decision was made on the need to develop laws regulating cryptocurrency payments in the country.

The highest judicial authority in the Pakistani province of Sindh has asked the government to develop methods for regulating cryptocurrencies. This happened during the hearing of a petition challenging the legality of the country’s cryptocurrency ban since 2018.

The meeting was attended by members of the Federal Investigation Agency (FIA), the State Bank of Pakistan (SBP) and the complainants in the case. It is reported by the daily Pakistani newspaper The Express Tribune.

The Sindh Supreme Court has instructed regulators, the Securities and Exchange Commission of Pakistan (SECP) and the central bank to work with government agencies to develop regulations to regulate payments in cryptocurrencies. The court set the deadline for execution at 3 months. In addition, a report was requested on the measures taken to regulate cryptocurrencies.

In November 2020, the Pakistan Securities and Exchange Commission published a consultation document on the regulation of digital assets in the country. It spelled out the basic concepts of regulating the growing digital asset market in Pakistan, and also examined the regulatory frameworks of other countries. Only private and independent cryptocurrencies were taken into account, and government digital currencies were not investigated.

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