Woofun AI reports that Bilal bin Saqib, head of Pakistan’s Virtual Assets Regulatory Authority, stated stablecoins, tokenized real-world assets, and other blockchain products require separate evaluation based on technical standards and Islamic law, rather than uniform categorization. This stance follows a fatwa by Mufti Taqi Usmani and other scholars declaring USDT and similar cryptocurrencies not recognized as wealth under Islamic law, rendering transactions for goods or services invalid. Pakistan enacted the Virtual Assets Act in March, mandating that exchanges, custodians, and issuers comply with Islamic law under a scholar committee’s guidance, while the nation advances sovereign stablecoin development and national asset tokenization.