Pakistan's Digital Asset Regulator Seeks Balance between Tech and Shariah

Pakistan's Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib recently met Islamic scholar Mufti Taqi Usmani for a 'constructive discussion' on digital assets and Shariah considerations. The meeting focused on the need to assess emerging financial technologies while protecting citizens from potential risks.

Saqib emphasized that blockchain, digital assets, stablecoins, and tokenized real-world assets represent a wide range of technologies requiring detailed evaluation and rigorous Shariah examination. He noted that Pakistan's policy approach should remain aligned with Islamic principles while being informed by a comprehensive understanding of emerging technologies.

Pakistan ranks among the world's largest digital asset markets, with a grassroots crypto adoption rate second only to India and the United States, according to Chainalysis' 2025 Global Crypto Adoption Index. The country has been developing regulations for digital assets, with the establishment of the National Crypto Council (NCC) in February last year.

The NCC was tasked with facilitating the adoption of blockchain-based innovations and exploring ways to incorporate cryptocurrency and related technologies into Pakistan's economic framework. In July 2025, PVARA was established through a presidential ordinance and later granted legal status through the Virtual Assets Act 2026.