Pakistan is moving to establish a Shariah Advisory Board for digital and virtual assets, with Mufti Muhammad Taqi Usmani being taken on board for guidance on transactions involving these assets.

Pakistan Virtual Asset Regulatory Authority (PVARA) Chairman Bilal Bin Saqib shared the development while speaking informally with journalists in Islamabad.

Bilal said the authorities had taken Mufti Taqi Usmani into confidence on matters concerning digital assets and were seeking his guidance on transactions in the sector.

He said the planned Shariah Advisory Board will guide matters related to digital and virtual asset transactions.

The board will provide Shariah guidance on transactions involving digital and virtual assets as Pakistan develops its approach toward the sector.

The development comes as the country works on establishing a regulatory framework for digital and virtual assets.