Pakistan Crypto Regulators Navigate Shariah Compliance After Fatwa

Pakistan is one of the top countries in the world for cryptocurrency adoption, with an estimated 40 million users as of mid-2026. However, a recent fatwa issued on June 10 has declared digital asset payments, including stablecoins like USDT, impermissible under Islamic law.

The fatwa classifies digital assets as failing to qualify as legitimate wealth (maal) under Shariah. This ruling carries significant weight in Pakistan, where religious authority shapes behavior across banking and commerce.

PVARA Chairman Bilal Bin Saqib has taken a measured approach, meeting with Islamic scholar Mufti Muhammad Taqi Usmani to explore a path toward Shariah-compliant digital asset frameworks.