The Court has instructed the Pakistan Government to form a committee examining the industry and consult all the stakeholders.
According to a report by The Express Tribune, the Sindh High Court on Wednesday ordered the Pakistan Government to regulate cryptocurrencies within three months. The order also says the Government has to form a high-level committee headed by the Federal Secretary of Finance to look over the matter.
The High Court was hearing a petition challenging the ban on cryptocurrencies.
The proceedings were attended by members of the Federal Investigation Agency (FIA), State Bank of Pakistan (SBP) and the petitioners.
During the hearing, the Court also recommended that a report be compiled and submitted within 3 months.
The Court stated that steps should be taken to regulate cryptocurrencies in consultation with all stakeholders, including representatives of the Security and Exchange Commission of Pakistan (SECP), SBP, the Ministry of Law, and the Ministry of IT.
On the other side of the border, the Indian Government is also studying and examining the numerous nuances of the Digital Asset industry.
Legislation is long-awaited. Last month, it was reported that the Government is forming a group to examine the tax implications of the crypto industry. The same month there was another news that the crypto industry might be classified as an asset in India.
The Government is closely watching the developments and is taking a “calibrated” position as stated by the Union Minister of Finance, Ms Nirmala Sitharaman.
Note: This is developing news. Further updates will be made as we gather more information.
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