Stellar Becomes First Crypto Obtain Sharia Certification

Stellar, the seventh-largest cryptocurrency network, has become the first digital ledger technology (DLT) protocol to obtain Sharia certification for payments and asset tokenization.

The Stellar Development Foundation announced on Tuesday that, following a review of the technology’s properties and applications, the Shariyah Review Bureau (SRB) had certified Stellar as a Sharia-compliant vehicle for conducting monetary transfers and tokenizing real-world assets.

According to the foundation, this certification from SRB — which is licensed by the Central Bank of Bahrain and operates an international Sharia consulting practice — will enable Stellar to forge partnerships with Islamic financial institutions throughout the Middle East and Southeast Asia.