Federal govt gets two months for Cryptocurrency regulation

PESHAWAR: The Peshawar High Court (PHC) on Friday ordered federal government to complete legislation to regulate Cryptocurrency trading within two months, ARY News reported.

In a petition filed against the illegal trade of cryptocurrency and digital forex, the Peshawar High Court has given the federal government a two-month deadline to introduce legislation on the matter.

The hearing was conducted by Justice Syed Arshad Ali and Justice Khurshid Iqbal.

During the proceedings, the Deputy Attorney General informed the court that the government is in the process of drafting legislation and requested a one-month extension.

However, Justice Syed Arshad Ali directed, “We are granting two months — ensure the legislation is completed within this time frame.”

The court ordered the federal government to enact the required legislation and submit a compliance report to the court.

In a separate development, the globally renowned founder of crypto exchange Binance, Changpeng Zhao, widely known as CZ, had been appointed as the strategic advisor to the Pakistan Crypto Council.

The formal announcement was made during a high-level meeting held in Islamabad, attended by Zhao and representatives of the Pakistan Crypto Council.

The session was chaired by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.

The chairman of the Securities and Exchange Commission of Pakistan (SECP), the State Bank of Pakistan governor, and secretaries from the Law and IT ministries were also present in the meeting.