Pakistan Regulator Says Stablecoins and Tokenized RWAs Need Separate Sharia and Technical Reviews

Pakistan Virtual Assets Regulatory Authority Chairman Bilal bin Saqib said stablecoins, tokenized real-world assets (RWAs), and other blockchain products should undergo separate technical and Islamic Sharia assessments rather than being treated as a single category. According to ChainCatcher, bin Saqib made the remarks after meeting Islamic scholar Mufti Taqi Usmani. Earlier, Usmani and other scholars issued a Sharia ruling stating that USDT and other cryptocurrencies are not considered Sharia-recognized wealth, and that transactions using them to purchase physical goods or digital services are invalid. Pakistan passed the 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 advancing plans related to a sovereign stablecoin, tokenization of national assets, and licensing for crypto trading platforms.