Pakistan's Crypto Regulator Sparks Debate With Religious Scholar Over Asset Classification on Saturday

Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib on Saturday called for digital assets to be assessed individually under Islamic law, signaling disagreement with a fatwa issued June 10 that broadly rejected cryptocurrency purchases.

Mufti Taqi Usmani and scholars affiliated with Darul Ifta at Jamia Darul Uloom Karachi ruled that cryptocurrencies, including USDT, do not qualify as "maal" (wealth) under Sharia and declared crypto-based purchases of physical goods and digital services invalid. Saqib said blockchains, stablecoins, tokenized real-world assets and other digital assets represent different technologies that merit careful technical and religious assessment rather than blanket rejection. The disagreement holds direct implications for Pakistan's developing crypto framework, where licensed firms must comply with Sharia law guidance.