Sindh HC directs Govt to develop Crypto Regulatory Framework

Sindh High Court Cryptocurrencies Regulatory Framework Law Insider

Swarna Shukla

Published On: October 25, 2021 at 12:30 IST

The Sindh High Court in Pakistan directs the Government to develop and submit the proposed regularity framework for Cryptocurrencies within 3 months. (Pakistan High Court approves Committee to explore Cryptocurrency Legality)

The High Court has formed a committee headed by Federal Finance Secretary Kamran Ali Afzal to speed up and oversee the progress on the matter.

The Division Bench headed by Muhammad Karim Khan Agha was Hearing the Matter. The State Bank of Pakistan (SBP) has banned all transactions of Cryptocurrency in the country in April, 2018.

Lahore High Court Heard another Case regarding Cryptocurrency, where the High Court enquired the Federal Law Officer whether SBP laid down any Regulation regarding the same.

Pakistan was ranked 3rd in Chinalysi Global Crypto Adoption Index. Pakistan’s Crypto market grew at 711%. About 56 Million people are using Cryptocurrency Since 2021.

Also Read: A Legal view on circulation of Cryptocurrency around the world


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