Halal Cryptocurrency: Its Establishment and Operational Mechanisms

Abstract

Even though a Cryptocurrency management is a digital financial platform operated in the borderless cyberspace, it shall require to be established as a registered company with a separate legal entity. Among the prerequisite of a Halal alternative Cryptocurrency model is to be formalized under the company’s rules either in the onshore or offshore as a separate legal entity. It shall be managed based on an acceptable system, operational mechanism, standard planning and strategies, legitimate objectives and manifesto, documentations and manuals, policies and guidelines, which all shall be complying to the Shari’ah, law and policies within the Maqasid al-Shari’ah. In this chapter, however, an attempt is made to analyze the establishment and operational mechanisms of Halal Cryptocurrency Management.