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A Pakistan crypto sharia ruling triggers controversy over a digital asset regulatory framework

SmartContractAuditor
Odaily Planet Daily reports that after a meeting with Bilal bin Saqib, Chairman of Pakistan’s Virtual Assets Regulatory Authority, and Islamic scholar Mufti Taqi Usmani, they said that stablecoins, tokenized RWA, and other blockchain products should each be assessed separately from both a technical and Islamic law perspective, and should not be viewed as the same category. Earlier, scholars including Usmani issued a fatwa, ruling that USDT and other cryptocurrencies do not constitute wealth recognized by Islamic law, and that transactions using them to purchase physical goods or digital services are invalid. Pakistan passed the Virtual Assets Act this March, requiring exchanges, custodians, and token issuers to ensure their operations comply with Islamic law under the guidance of the Islamic Finance Scholars Committee. At the same time, the country is moving forward with a sovereign stablecoin, tokenization of national assets, and licensing for crypto trading platforms.
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