Peshawar High Court Mandates Cryptocurrency Policy Within Two Months

A decisive mandate has emerged! The Peshawar High Court (PHC) has instructed the federal government to formulate a comprehensive policy within two months to curb the escalating wave of illicit cryptocurrency trading and related commercial ventures across Pakistan, encompassing Khyber Pakhtunkhwa, as reported by the media.

The court further demanded a detailed progress report to monitor advancements.

This ruling was pronounced by a division bench comprising Justice Syed Arshad Ali and Justice Dr Khurshid Iqbal, during proceedings initiated by a petition from Barrister Huzaifa Ahmad. Representing himself, the petitioner voiced alarm over the absence of regulatory oversight for digital currencies, noting that despite a 2018 State Bank of Pakistan proclamation deeming such activities unlawful, they continue to flourish on various online platforms.

The petitioner contended that numerous coaching centres and training academies in Khyber Pakhtunkhwa are actively endorsing cryptocurrency and forex trading, often through social media channels such as TikTok, Facebook, and YouTube. These entities operate beyond government scrutiny and lack registration with the Securities and Exchange Commission of Pakistan (SECP), thereby evading potential tax contributions to the Federal Board of Revenue (FBR).