Bybit Reveals Crypto Accounts Designed for Faith-Based Investing Compliant for Shariah
Prominent bitcoin exchange Bybit has opened a Shariah-compliant crypto account providing fresh choices for Muslim investors wishing to participate in crypto trading while following Islamic banking guidelines. Made on September 24 by Bybit’s co-founder and CEO Ben Zhou, the announcement underlines the exchange’s dedication to offer faith-based financial solutions.
Along with automated trading tools including a dollar-cost averaging (DCA) bot and a spot grid bot, this devoted Islamic account lets users engage in spot trading with Shariah-approved tokens. Working with Zico Shariah, an advising business focused in Islamic finance and guarantees adherence to Islamic law, bit created these products.
Islamic Finance and Crypto: a Methodical Investment Strategy
Operating under Shariah’s rules, which forbid interest-based transactions and stress moral behavior, Islamic banking is Investors participate in the gains and losses of an investment instead of getting set returns, therefore promoting a more fair financial system.
In the context of cryptocurrencies, tokens must live by these values. Using a profit- and- loss-sharing structure, we create shariah-compliant crypto assets so that investors may start businesses free from violating religious rules. Before they are made public, a supervisory body validates and checks these tokens to be compliant with all required standards.
Bitwise Expansion and Regulatory Compliance
Shariah-compliant accounts introduced by Bybit follow its latest regulatory milestone in the United Arab Emirates. On September 16, the exchange obtained a temporary license from Dubai’s Virtual Asset Regulatory Authority (VARA), therefore enabling a major expansion of its activities in the area, where Islam is the most prevalent religion.
This new account offers Muslim investors a means to interact with the expanding cryptocurrency industry while adhering to their beliefs. The exchange intends to draw a larger audience as Bybit keeps extending its products, therefore presenting chances for ethical and religiously compatible crypto trading.
