Pakistan Crypto News
@GeniusOfficial According to today’s crypto news in Pakistan, a major change has come to light. The State Bank of Pakistan (SBP) has removed the complete ban on crypto and introduced a formal, regulated framework. Under this new law, commercial banks can now provide financial and account services to Virtual Asset Service Providers (VASPs) that are properly licensed by PVARA (Pakistan Virtual Assets Regulatory Authority) and use approved software and platforms. However, banks are not allowed at all to directly trade or hold crypto.
With these new steps, regulatory and security challenges have also increased. The Federal Investigation Agency (FIA) has set up a separate and specialized FIA crypto unit to prevent digital asset fraud, scams, and financial cybercrimes, which will keep a close watch on any illegal activity.
On the other hand, Pakistan’s major Islamic institutions and seminaries have raised questions about the Sharia compliance of cryptocurrency. They say that, according to Islamic principles, cryptocurrency does not constitute halal wealth or permissible investment. After this dispute, authorities and regulators are now working together with scholars (ulama) to build further Sharia consensus and agreement (ijma) regarding this new investment system, so that the law can be made clearer.
Writer: Sahil-$indhi
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