Overview
- PVARA chairman Bilal bin Saqib held a public discussion with Mufti Muhammad Taqi Usmani on July 11 to press for technical assessments alongside religious review of digital assets.
- A June 10 fatwa by Mufti Usmani and six other scholars ruled purchases made with cryptocurrencies impermissible, saying tokens do not qualify as recognised wealth and singling out stablecoins such as USDT.
- The Virtual Assets Act 2026 already created PVARA, allowed licensed crypto firms to access bank accounts, and required formation of a Shariah Advisory Committee to resolve conflicts with Islamic law.
- High domestic use of crypto — an estimated 40 million users — and prior government plans for a state-backed stablecoin raise the economic stakes of any Shariah or regulatory ruling.
- The next decisive moves will be formal Shariah opinions and PVARA committee guidance that could shape licensing, consumer protections, and whether Shariah-compliant structures for stablecoins and tokenised assets are approved.