Pakistan Finalizing Crypto Regulatory Framework

Pakistan Finalizing Crypto Regulatory Framework

Pakistani government officials were urged to submit their final recommendations on how to regulate the local crypto market.

With its neighboring country India swiftly adopting blockchain technologies, Pakistan has been quite reluctant in terms of crypto adoption. Back in January, the Pakistani Government and the State Bank suggested that all operations related to cryptocurrencies should be shut down.

Meanwhile, it seems that government officials were ordered to put in their final entries on crypto regulations by the Sindh High Court, and they will be observed by Muhammad Karim Khan Agha, who serves as the Justice for the court.

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According to the local news report, the decision to press the officials was made due to them struggling to submit any recommendations, with little to no progress made in the past several months. 

Likewise, businesses involved in digital assets were struggling with law enforcement agencies as they kept freezing their bank accounts despite there not being any clear rules that regulate crypto transactions.

For this reason, the Sindh High Court ordered the government officials to submit their final decisions before June 13th.

Even though several government agencies in Pakistan were opting to follow in China’s footsteps and put a total blanket on digital assets, a petition posted by a local entrepreneur Waqar Zaka shook things up in the country, asking the court to implement a proper regulatory framework on crypto.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree