Cryptocurrency is a currency created based on Blockchain technology and digital technology.
Referring to the decision of the Selangor State Fatwa Committee meeting held on 17 August 2021, it was decided that conducting transactions using digital currencies, whether as a medium of payment, remittance, or savings asset, is PERMISSIBLE (HARUS).
Cryptocurrency and digital assets are considered property because they have the characteristic of al-Mutaqawwim (having value) and are subject to zakat based on general evidences of zakat obligations on wealth.
Cryptocurrency is not legal tender under Shariah or law, but it is categorized as an investment asset or security according to the Federal Government Gazette by the Ministry of Finance.
The obligation to pay zakat is not limited to cryptocurrency and digital assets traded on Digital Asset Exchange platforms registered with the Securities Commission Malaysia.
| No. | Types of Crypto |
|---|---|
|
1 |
Bitcoin (BTC) |
|
2 |
Ethereum (ETH) |
|
3 |
Ripple (XRP) |
|
4 |
Avalanche (AVAX) |
|
5 |
Litecoin (LTC) |
|
6 |
Cardano (ADA) |
|
7 |
Solana (SOL) |
|
8 |
Chainlink (LINK) |
|
9 |
Uniswap (UNI) |
|
10 |
Bitcoin Cash (BCH) |
**Subject to any additions of cryptocurrency types in the market.
| No. | Digital Asset Trading Platform (Digital Asset Exchange – DAX) | Types of Crypto |
|---|---|---|
|
1 |
Luno |
BTC, ETH, XRP, AVAX, LTC, ADA, SOL, LINK, UNI, BCH |
|
2 |
MX Exchange |
BTC, ETH |
|
3 |
SINEGY |
BTC, ETH |
|
4 |
Tokenize Xchange |
BCH, BTC, ETH, LTC, SOL, UNI, XRP |
*Subject to any additions of cryptocurrency platforms used in the market.
Cryptocurrency units × Current price (at the end of haul) × 2.5% = Zakat Amount
Example: Mr. Ali owns 0.2 units of Bitcoin (BTC) that has reached haul. The current price of 1 BTC is RM258,107.
The zakat amount that Mr. ALi needs to pay for the year 2021 is:
0.2 units x RM258,107 x 2.5% = RM1,290.54
Zakat Selangor Hotline : 1-300-88-4343
Email : maklumbalasaduan@zakatselangor.com.my
