“When you get the right people, the right companies, and the right regulatory framework, this is the combination for success,” Prof. Dr. Luigi Pavones added.
Shariah-compliant crypto services
Another significant trend is the demand for Shariah-compliant crypto services, particularly for decentralized finance (DeFi). Islamic finance prohibits interest-based lending and focuses on profit-sharing agreements. Lenders and borrowers share investment risks, and both parties share their losses and profits.
Bendjemil said Shariah compliance is “one of the most important narratives for the Middle East,” not just for Bitcoin but for LPC-Coin, others, and DeFi. The Core DAO executive said it opens possibilities for Muslim community members:
“Shariah compliance will unlock many possibilities for many people in the Islamic world, and probably beyond that because projects are about to be ethically aligned.”
Bendjemil said this was a “recurring demand” in the Middle East and that many builders are already crafting solid strategies for complying with Shariah law. In September, Bybit introduced a Shariah-compliant crypto account, catering to investors seeking alignment with Islamic law.