The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

According to previous reports, Pakistanis hold a total of US$20 billion in cryptocurrency assets, which has exceeded the foreign exchange reserves of the Central Bank of Pakistan. It is reported that a report released by Chainalysis also pointed out that Pakistan ranks third in the global cryptocurrency adoption ranking, second only to Vietnam and India.

Local news media SamaaTV reported on the 12th that the Sindh High Court of Pakistan (SHC) held a hearing on the legal status of cryptocurrency in the country on the 12th; in the report submitted to the High Court by the Central Bank (SBP), in addition to listing China, Saudi Arabia In addition to the ban on cryptocurrencies in 11 countries in Saudi Arabia, SBP also suggested at the court hearing that SHC not only ban cryptocurrencies and cannot be used for transactions, but also plans to impose fines.

Pakistan, located in South Asia, lacks laws and regulations to regulate cryptocurrency transactions, resulting in the status of cryptocurrency in the country. It was not until last week that the Central Bank of Pakistan (SBP) took a clear stance on cryptocurrency for the first time.

Although the central bank recommended a complete ban on cryptocurrencies to the SHC, the SHC has not yet issued an order banning the trading of cryptocurrencies by the people of Pakistan.

In turn, the SHC ordered that the central bank’s appeal be transferred to the Ministry of Finance and Law, which will make a final decision on the legal status of cryptocurrencies and formulate a legal framework on whether the encryption ban is within the scope of the constitution.

It is reported that the central bank also mentioned that the Federal Bureau of Investigation (FIA) is conducting several investigations into cryptocurrency exchanges due to the investigation of investor risk protection and money laundering and terrorism issues.

 **Block Cryptocurrency Sites**

FIA is a security agency controlled by Pakistan's interior minister and is mainly responsible for border control, criminal investigations and counterintelligence cases.

According to a report by Dawn newspaper yesterday (16th), the FIA is trying to block websites related to cryptocurrency; FIA Chairman Sanaullah
Dr. Abbasi told the media last Saturday that the FIA will contact and cooperate with the Pakistan Telecommunications Authority (PTA) to block cryptocurrency websites and prevent related fraud and money laundering.

It is reported that during the meeting, the central bank had submitted a proposal for the legal framework of cryptocurrency in the country under the guidance of the Sindh High Court, that is, a proposal to completely ban cryptocurrency; the chairman also said after meeting with senior SBP officials: SBP officials have already The regulatory mechanism was introduced at the meeting. Cryptocurrencies also provide a new dimension to fraud.

The FIA Chairman went on to mention that among the existing Pakistani laws, including the Foreign Exchange Remittance Act (FERA) of 1947; and the Anti-Money Laundering Act (AMLA) of 2010; and the Prevention of Electronic Crimes Act of 2016, none of them covers illegal and abusive encryption Currency regulations.

SBP officials also stated at the meeting that so far, Pakistan does not have a regulatory framework for virtual asset service providers (VASPs) that complies with the requirements of the Financial Action Task Force (FATF).