Pakistan Virtual Assets Regulatory Authority Chairman Bilal bin Saqib said after a meeting with Islamic scholar Mufti Taqi Usmani that stablecoins, tokenized real-world assets, and other blockchain-based products should not be treated as one category and should instead undergo separate technical and Sharia assessments. The comment points to a more segmented approach as Pakistan develops its virtual asset framework.
The remarks come after a prior religious ruling by Usmani and other scholars that found USDT and other cryptocurrencies do not qualify as wealth recognized under Islamic law, making transactions that use them to purchase physical goods or digital services invalid. Pakistan had already passed its Virtual Assets Act in March this year, requiring exchanges, custodians, and token issuers to ensure Sharia compliance under the guidance of an Islamic finance scholars committee. The country is also moving ahead with work on a sovereign stablecoin, tokenization of state assets, and licensing for crypto trading platforms.
Pakistan calls for separate reviews of stablecoins and tokenized RWAs
Pakistan Virtual Assets Regulatory Authority Chairman Bilal bin Saqib said after meeting Islamic scholar Mufti Taqi Usmani that stablecoins, tokenized real-world assets, and other blockchain products should be assessed separately on both technical and Sharia grounds, rather than being grouped into a single category.
Earlier ruling addressed USDT and other cryptocurrencies
Usmani and other scholars had previously issued a religious ruling stating that USDT and other cryptocurrencies are not considered wealth recognized under Islamic law. Under that ruling, transactions using them to buy physical goods or digital services are invalid.
Virtual Assets Act passed in March
Pakistan passed its Virtual Assets Act in March this year. The law requires exchanges, custodians, and token issuers to keep their operations Sharia-compliant under the guidance of an Islamic finance scholars committee. The country is also advancing plans for a sovereign stablecoin, tokenization of state assets, and licensing for crypto trading platforms.
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