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Pakistan Virtual Assets Regulatory Authority (PVARA) chairman Bilal bin Saqib has called for continued dialogue on the treatment of digital assets under Islamic law after meeting prominent scholar Mufti Taqi Usmani, who backed a ruling against purchases made with crypto.
In a Saturday post, Saqib said the discussion covered blockchain technology, digital assets, stablecoins and tokenized real-world assets (RWAs), as well as the need to protect Pakistanis from fraud, exploitation and financial harm.
Saqib said the different categories of digital assets merit “careful technical assessment alongside rigorous Shariah examination, rather than being viewed through a single lens.”
The exchange highlights tension between Pakistan’s push to build a regulated crypto market and religious objections that could shape public acceptance. Religious views could carry significant weight in Pakistan, where about 231.7 million people, or 96.35% of the population, identified as Muslim in the 2023 census.
Pakistan’s crypto framework meets religious scrutiny
According to Pakistani newspaper Dawn, Usmani and five other scholars signed an Islamic legal ruling issued by Jamia Darul Uloom Karachi, a prominent Islamic seminary, on Friday.
The ruling reportedly said purchases made with crypto, including stablecoins such as USDT, were not permitted because digital tokens did not qualify as recognized property or wealth under their interpretation of Islamic law.
Saqib did not directly challenge the claim. Instead, he called for scholars, regulators and industry participants to continue discussing distinctions among digital-asset categories.
“I shared that blockchain, digital assets, stablecoins, and tokenized real-world assets represent a broad spectrum of technologies and use cases,” he said.
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The discussion comes as Pakistan shifts from years of restrictions toward a licensed virtual-asset sector. On April 15, the State Bank of Pakistan allowed banks to open accounts for virtual asset service providers (VASPs) licensed by the PVARA, ending an eight-year restriction on regulated institutions dealing with crypto.
The move followed the passage of Pakistan’s Virtual Assets Act 2026 in March, which established PVARA as the statutory body responsible for licensing and oversight of virtual asset activities.
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