- The Peshawar High Court directs federal authorities to craft a two-month strategy curtailing unauthorized cryptocurrency activities nationwide now.
- Barrister Huzaifa Ahmad highlights unregulated trading hubs, involving social networks and illicit platforms beyond official strict securities guidelines.
The Peshawar High Court has instructed Pakistan’s federal government to develop a plan, within two months, aimed at curbing unauthorized cryptocurrency trading. Two judges, Syed Arshad Ali and Dr. Khurshid Iqbal, announced their ruling after hearing a petition filed by Barrister Huzaifa Ahmad, who represented himself. Meanwhile, Deputy Attorney General Bilal Durrani appeared on behalf of the government.
Officials must now submit a report to show how they intend to halt these operations, which occur across various parts of the country, including Khyber Pakhtunkhwa. According to Barrister Ahmad, the State Bank of Pakistan previously declared certain online commercial ventures unlawful in a 2018 notice, yet many individuals continue to trade virtual coins and provide related services.
Furthermore, training academies promote Bitcoin and forex activities through social media channels such as TikTok, Facebook, and YouTube. These entities, the petitioner noted, collect money via online systems and lack proper registration under securities exchange rules.
As a result, they currently bypass any form of taxation, which could otherwise contribute to public revenue. He stressed that these enterprises pose safety risks because they allow for possible money laundering and terror financing. That threat, he warned, might erode confidence in national security.
Because the government is working on crypto-specific legislation, Deputy Attorney General Durrani requested additional time to finalize a draft. During the hearing, the bench acknowledged the need for legal clarity, instructing the concerned agencies to coordinate their efforts. ETHNews believe the final guidelines will affect multiple actors in the crypto realm, especially those who operate without oversight.
ETHNews analysts say these decisions mark a turning point, making the growing pressure to tighten rules for digital currencies. Yet others expect the industry to adapt by developing more compliant frameworks if the government enacts firm directives.
Just spotted a #Binance truck on the road.
Crypto adoption is real in Pakistan! 🇵🇰 pic.twitter.com/5lZFUvKmcU
— Umair Nauman (@UmairNauman_) April 8, 2025
In the end, the High Court’s order reflects a desire to balance public safety with economic activity, while reminding traders that they could face consequences if they ignore existing banking and securities laws.
