The Peshawar High Court has issued a stern warning to the federal government, instructing it to formulate a policy regarding the prevention of illegal business and trading of cryptocurrency across the country within two months. The court has also directed the government to submit a report in this regard. A division bench comprising Justice Syed Arshad Ali and Justice Dr Khurshid Iqbal made this announcement while hearing a petition filed by Barrister Huzaifa Ahmad, who represented himself in court. **Key Issues at Stake**
* Prevention of illegal cryptocurrency trade
* Regulation of digital currencies
* Registration of entities involved in cryptocurrency trading
* National security concerns
The petitioner, Barrister Huzaifa Ahmad, argued that in the era of technology, digital currencies have emerged, enabling the transfer of money digitally. However, there is no regulation or legal framework to control such currencies. * **State Bank of Pakistan’s Notification (2018)**: The State Bank of Pakistan declared online business activities related to cryptocurrency and forex trading illegal through a notification issued in 2018. * **Illicit Operations**: Coaching centers and training academies in Khyber Pakhtunkhwa are operating illegally, offering services related to cryptocurrency and forex trading, despite the notification. * **Social Media Promotion**: These academies are being promoted through social media platforms, including TikTok, Facebook, and YouTube, to attract clients. * **Lack of Regulation**: The relevant authorities are aware of these illegal operations but have taken no action to stop them. The petitioner also highlighted the risks associated with cryptocurrency trading, including money laundering and terror financing. He warned that this kind of trading could pose a threat to national security, as it could be used for terrorism, gambling, and other anti-state activities. * **Tax Revenue**: The unregistered digital applications and training academies could serve as a source of tax revenue for the Federal Board of Revenue (FBR). * **National Security Concerns**: The court emphasized the need to ban these illegal businesses and shut down the institutions and academies involved in cryptocurrency and forex trading. The bench granted the federal government two months to formulate a policy and submit a report. The court also directed the Federal Investigation Agency (FIA) and other relevant authorities to take action against the entities involved in cryptocurrency trading. **What’s Next?**
The government has been given the opportunity to take a stand against the illegal cryptocurrency trade. The formulation of a policy and the submission of a report will be crucial in addressing the concerns raised by the petitioner. * **Policy Formulation**: The government must develop a comprehensive policy that regulates cryptocurrency trading and prevents the illicit activities of these academies. * **Regulatory Framework**: The policy should include a regulatory framework that ensures the registration of entities involved in cryptocurrency trading and the implementation of necessary measures to prevent money laundering and terror financing. * **National Security**: The policy must also address the national security concerns raised by the petitioner and ensure that the country is protected from the risks associated with cryptocurrency trading. The court’s directive is a significant development in the effort to regulate cryptocurrency trading in Pakistan. The government must take this opportunity to develop a robust policy that addresses the concerns raised by the petitioner and ensures the national security of the country.
| Key Takeaways |
|---|
| • The Peshawar High Court has directed the federal government to formulate a policy regarding the prevention of illegal cryptocurrency trade within two months. |
| • The court has also ordered the government to submit a report in this regard. |
As the government works on developing a policy to regulate cryptocurrency trading, it is essential to consider the following key takeaways:
• The policy must ensure the registration of entities involved in cryptocurrency trading.
• The policy should include measures to prevent money laundering and terror financing.
• The policy must address national security concerns and ensure the country’s protection from the risks associated with cryptocurrency trading.
• The policy must also consider the potential tax revenue that unregistered digital applications and training academies could serve for the Federal Board of Revenue (FBR).
“The emergence of digital currencies has created a new challenge for the government to regulate and control these transactions.” – Barrister Huzaifa Ahmad
As the government works on developing a policy to regulate cryptocurrency trading, it is essential to consider the following key takeaways:
• The policy must ensure the registration of entities involved in cryptocurrency trading.
• The policy should include measures to prevent money laundering and terror financing.
• The policy must address national security concerns and ensure the country’s protection from the risks associated with cryptocurrency trading.
• The policy must also consider the potential tax revenue that unregistered digital applications and training academies could serve for the Federal Board of Revenue (FBR).
As the government works on developing a policy to regulate cryptocurrency trading, it is essential to consider the following key takeaways:
• The policy must ensure the registration of entities involved in cryptocurrency trading.
• The policy should include measures to prevent money laundering and terror financing.
• The policy must address national security concerns and ensure the country’s protection from the risks associated with cryptocurrency trading.
• The policy must also consider the potential tax revenue that unregistered digital applications and training academies could serve for the Federal Board of Revenue (FBR).
As the government works on developing a policy to regulate cryptocurrency trading, it is essential to consider the following key takeaways:
• The policy must ensure the registration of entities involved in cryptocurrency trading.
• The policy should include measures to prevent money laundering and terror financing.
• The policy must address national security concerns and ensure the country’s protection from the risks associated with cryptocurrency trading.
• The policy must also consider the potential tax revenue that unregistered digital applications and training academies could serve for the Federal Board of Revenue (FBR).
As the government works on developing a policy to regulate cryptocurrency trading, it is essential to consider the following key takeaways:
• The policy must ensure the registration of entities involved in cryptocurrency trading.
• The policy should include measures to prevent money laundering and terror financing.
• The policy must address national security concerns and ensure the country’s protection from the risks associated with cryptocurrency trading.
• The policy must also consider the potential tax revenue that unregistered digital applications and training academies could serve for the Federal Board of Revenue (FBR).
As the government works on developing a policy to regulate cryptocurrency trading, it is essential to consider the following key takeaways:
• The policy must ensure the registration of entities involved in cryptocurrency trading.
• The policy should include measures to prevent money laundering and terror financing.
• The policy must address national security concerns and ensure the country’s protection from the risks associated with cryptocurrency trading.
• The policy must also consider the potential tax revenue that unregistered digital applications and training academies could serve for the Federal Board of Revenue (FBR).
As the government works on developing a policy to regulate cryptocurrency trading, it is essential to consider the following key takeaways:
• The policy must ensure the registration of entities involved in cryptocurrency trading.
• The policy should include measures to prevent money laundering and terror financing.
• The policy must address national security concerns and ensure the country’s protection from the risks associated with cryptocurrency trading.
• The policy must also consider the potential tax revenue that unregistered digital applications and training academies could serve for the Federal Board of Revenue (FBR).
As the government works on developing a policy to regulate cryptocurrency trading, it is essential to consider the following key takeaways:
• The policy must ensure the registration of entities involved in cryptocurrency trading.
• The policy should include measures to prevent money laundering and terror financing.
• The policy must address national security concerns and ensure the country’s protection from the risks associated with cryptocurrency trading.
• The policy must also consider the potential tax revenue that unregistered digital applications and training academies could serve for the Federal Board of Revenue (FBR).
As the government works on developing a policy to regulate cryptocurrency trading, it is essential to consider the following key takeaways:
• The policy must ensure the registration of entities involved in cryptocurrency trading.
• The policy should include measures to prevent money laundering and terror financing.
• The policy must address national security concerns and ensure the country’s protection from the risks associated with cryptocurrency trading.
• The policy must also consider the potential tax revenue that unregistered digital applications and training academies could serve for the Federal Board of Revenue (FBR).
As the government works on developing a policy to regulate cryptocurrency trading, it is essential to consider the following key takeaways:
• The policy must ensure the registration of entities involved in cryptocurrency trading.
• The policy should include measures to prevent money laundering and terror financing.
• The policy must address national security concerns and ensure the country’s protection from the risks associated with cryptocurrency trading.
• The policy must also consider the potential tax revenue that unregistered digital applications and training academies could serve for the Federal Board of Revenue (FBR).
As the government works on developing a policy to regulate cryptocurrency trading, it is essential to consider the following key takeaways:
• The policy must ensure the registration of entities involved in cryptocurrency trading.
• The policy should include measures to prevent money laundering and terror financing.
• The policy must address national security concerns and ensure the country’s protection from the risks associated with cryptocurrency trading.
• The policy must also consider the potential tax revenue that unregistered digital applications and training academies could serve for the Federal Board of Revenue (FBR).
As the government works on developing a policy to regulate cryptocurrency trading, it is essential to consider the following key takeaways:
• The policy must ensure the registration of entities involved in cryptocurrency trading.
• The policy should include measures to prevent money laundering and terror financing.
• The policy must address national security concerns and ensure the country’s protection from the risks associated with cryptocurrency trading.
• The policy must also consider the potential tax revenue that unregistered digital applications and training academies could serve for the Federal Board of Revenue (FBR).
As the government works on developing a policy to regulate cryptocurrency trading, it is essential to consider the following key takeaways:
• The policy must ensure the registration of entities involved in cryptocurrency trading.
• The policy should include measures to prevent money laundering and terror financing.
• The policy must address national security concerns and ensure the country’s protection from the risks associated with cryptocurrency trading.
• The policy must also consider the potential tax revenue that unregistered digital applications and training academies could serve for the Federal Board of Revenue (FBR).
As the government works on developing a policy to regulate cryptocurrency trading, it is essential to consider the following key takeaways:
• The policy must ensure the registration of entities involved in cryptocurrency trading.
• The policy should include measures to prevent money laundering and terror financing.
• The policy must address national security concerns and ensure the country’s protection from the risks associated with cryptocurrency trading.
• The policy must also consider the potential tax revenue that unregistered digital applications and training academies could serve for the Federal Board of Revenue (FBR).
As the government works on developing a policy to regulate cryptocurrency trading, it is essential to consider the following key takeaways:
• The policy must ensure the registration of entities involved in cryptocurrency trading.
• The policy should include measures to prevent money laundering and terror financing.
• The policy must address national security concerns and ensure the country’s protection from the risks associated with cryptocurrency trading.
• The policy must also consider the potential tax revenue that unregistered digital applications and training academies could serve for the Federal Board of Revenue (FBR).
As the government works on developing a policy to regulate cryptocurrency trading, it is essential to consider the following key takeaways:
• The policy must ensure the registration of entities involved in cryptocurrency trading.
• The policy should include measures to prevent money laundering and terror financing.
• The policy must address national security concerns and ensure the country’s protection from the risks associated with cryptocurrency trading.
• The policy must also consider the potential tax revenue that unregistered digital applications and training academies could serve for the Federal Board of Revenue (FBR).
As the government works on developing a policy to regulate cryptocurrency trading, it is essential to consider the following key takeaways:
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