Pakistan Virtual Assets Act Passed in March Triggers Regulatory-Sharia Framework Debate

According to ChainCatcher, Pakistan's virtual asset regulator Bilal bin Saqib and Islamic scholar Mufti Taqi Usmani agreed following recent talks that stablecoins and tokenized real-world assets should undergo separate technical and Sharia assessments rather than being classified together. This comes after Usmani and other scholars issued a religious ruling declaring USDT and other cryptocurrencies do not constitute Islamic law-compliant wealth, rendering transactions using them to purchase physical goods or digital services invalid. Pakistan's March 2026 Virtual Assets Act requires exchanges, custodians, and token issuers to ensure compliance with Islamic finance under guidance from a Sharia scholars committee.
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