Pakistan Crypto Regulator Seeks Nuanced Approach to Digital Assets Under Islamic Law

Pakistan's top crypto regulator met with a prominent scholar to discuss digital assets under Islamic law.

The Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib held a 'constructive discussion' with Mufti Taqi Usmani about the continuing debate over the Sharia status of cryptocurrencies.

Saqib argued that blockchains, stablecoins, tokenized real-world assets and other digital assets represent different technologies and use cases that should not be evaluated as a single category.

The dispute has direct implications for Pakistan's developing crypto framework, with firms seeking licenses required to ensure their services comply with Sharia law under the guidance of a committee of Islamic finance scholars.