Singapore-based Bybit, the fourth largest digital asset trading firm by volume, has launched the world’s first Shariah-compliant crypto account. This development allows Muslim investors to invest in the cryptosystem without breaching the Sharia laws on Muslim investing. All in all, the new service creates a precedent in the other exchanges and, more extensively, in the digital asset market area, which may enhance the likelihood of different market players utilizing the services following the principles of Islamic finance.
Bybit co-founder and CEO Ben Zhou took to X (Twitter) and formally announced the rolling out of the Islamic account. The service was developed in collaboration with ZICO Shariah Advisory Services Sdn. Bhd. (ZICO Shariah) to ensure compliance with Shariah. Initially, the platform will offer around 75 cryptocurrencies that comply with Islamic law, providing a range of investment options to Muslim traders worldwide.
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Islamic Accounts Offer New Crypto Trading Consultancy
The new Shariah-compliant service will launch a service that does not just provide Shariah-compliant tokens, but will also include a Dollar Cost Averaging (DCA) trading bot and the Spot Grid Bot. These tools will help traders automate their strategies while complying with Islamic financial principles. By partnering with ZICO Shariah, Bybit is aligned with these standards to provide a trustworthy Islamic-compliant trading platform for Muslim investors.
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The Islamic account service of Bybit is one of the potential efforts to connect cryptocurrency markets and Islamic finance. The decision underscores all the opportunities in the sector and the possible changes as they seek to serve underbanked communities regarding trading in digital assets. The more cryptocurrency gains acceptance in society, the more Bybit’s move might set a precedent, given that other crypto exchanges offer similar services to deepen the access persons have to global cryptocurrency markets.
Conclusion
Bybit’s introduction of Shariah-compliant crypto accounts marks a significant milestone in digital asset trading. This new service provides Muslim traders with the opportunity to engage in the crypto market while adhering to their faith. As more exchanges take note, the accessibility and inclusivity of crypto markets may continue to grow globally.
Also Read: Bybit Clarifies BIT Token Ownership Amid Heated Crypto Community Discussions
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.