The cryptocurrency industry continues to make its way into the mainstream economic world. As of today, it is not limited to the developed world, like the US, China or Europe only. It is vigorously pursued by the developing world. Countries of South America and South Asia have shown much more interest in investing in the crypto market. El Salvador’s acceptance of Bitcoin as a legal tender is a clear indication of this phenomenon. Also, the number of crypto adopters is majorly increasing in India, Pakistan, and Brazil.
One of the most important reason for this is that all of these countries have struggling economies, and high rates of unemployment. Therefore, people take crypto as an opportunity to make some extra bucks. Nonetheless, now the governments of these countries are also moving to regulate crypto and inculcate it into the country’s financial sphere.
Sindh High Court makes a strong move for crypto regulation in Pakistan
In a recent development, the Sindh High Court (SHC) from Pakistan has asked for a report about crypto regulation in the country. The court has also given a time frame of 90 days for the Government to regulate crypto and report back to the court. The SHC is the highest judicial body of country’s Sindh province. According to the orders, it has instructed the government to come up with ways and solutions of regulating crypto.
These instructions were given in response to a petition’s hearing in the court. The petition was filed to challenge the country’s crypto ban in 2018. The court instructed the Central Bank and the Securities and Exchange Commission of Pakistan (SCEP) to collaborate with government agencies, like the IT and Law Ministry to develop a way of regulation in three months. The hearing of the case was also adjourned till the second week of January 2022.
It is said that the SECP had been considering regulating crypto since November 2020 but it was not that simple. The country is also fighting to make it out of the grey list of the Financial Action Task Force (FATF). So, countering coney laundering and terror financing was the top priority of higher authorities. However, the recent development can be a positive sign for crypto in the country.
Sindh has become the latest province in the country to demand some acknowledgement for crypto in the country. Previously, Khyber Pakhtunkhwa asked the federal government to legalize crypto in late 2020. The KP province also planned to build mining farms in the province. Moreover, another case elated to crypto is being heard in the Lahore High Court.