Pakistan Virtual Assets Regulatory Authority
Coverage of Pakistan Virtual Assets Regulatory Authority in the Nexus archive.
- FIA sets up cryptocurrency investigation unit
The Federal Investigation Agency (FIA) established a cryptocurrency investigation unit within its National Command and Control Centre (NC3) to prevent money laundering and terrorism financing through virtual currencies. The unit will collaborate with agencies like the National Cyber Crime Investigation Agency and Anti-Narcotics Force to address crypto use in cybercrime and drug trade.
- Crypto czar asks Jamia Darul Uloom to distinguish between speculative crypto, asset-backed tokens
Pakistan's Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib urged Jamia Darul Uloom to differentiate between speculative cryptocurrencies and asset-backed digital tokens following a fatwa deeming crypto-based purchases impermissible under Islamic law. The regulator aims to evaluate digital assets by category, emphasizing Shariah-compliant instruments like blockchain-recorded sukuk, gold-backed tokens, and stablecoins.
- Crypto czar holds 'constructive' discussion with Mufti Taqi Usmani on Shariah status of digital assets
Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib discussed the Shariah status of digital assets with Mufti Taqi Usmani after a fatwa declared cryptocurrency transactions impermissible. The fatwa, issued by Darul Ifta, Jamia Darululoom, argued cryptocurrency is not recognized as 'maal' (wealth) in Sharia law. Saqib emphasized the need for technical and Shariah assessments of blockchain technologies to ensure regulatory and ethical compliance.