Cryptocurrency exchange Bybit announces the launch of a Shariah-compliant Crypto Account

The CEO of Bybit announced on the social network X the launch of a new tool called Crypto Islamic Account. This account provides the opportunity for spot trading of tokens that comply with Sharia requirements and also includes a dollar-cost averaging (DCA) bot and a spot grid bot.

Compliance with Islamic principles

According to Bybit representatives, the account allows investors to trade without compromising their religious beliefs. For the development, the company consulted with the Malaysian firm Zico Shariah, which specializes in Islamic law and finance.

The Islamic financial system is based on the principles of Sharia, which regulate all financial operations. One of its main rules is the prohibition of paying or receiving interest on loans. Instead, a profit and loss sharing model between borrowers and lenders is used, emphasizing the ethical and fair nature of financial transactions.

Requirements for Sharia compliance

For cryptocurrencies to comply with Islamic financial principles, they must be based on a profit and loss sharing system, where investors share both the profits and losses of the business. Tokens must receive certification from a supervisory board that thoroughly reviews their features and design before Muslim investors can purchase them.