Based on the list of 56 cryptocurrencies available on Luno Indonesia, here is a separation into Halal and Haram categories. This classification is derived from the principles and analysis of prominent international Shariah finance advisors and screening firms, such as Amanie Advisors, Crypto Ummah, and Saraf Screening, rather than the specific rulings of Indonesia's MUI or South African scholars.

The primary methodology used by these international bodies involves assessing each asset against key Shariah principles:

  • Utility: Does the token serve a real, permissible use case?
  • Governance & Transparency: Is the project transparent and not involved in prohibited industries?
  • Tokenomics: Does the token's design involve elements of Riba (interest), Gharar (excessive uncertainty), or Maysir (gambling)?

Halal Crypto Assets (Generally Compliant)

These assets are widely considered permissible by international Shariah advisors due to their clear utility, transparent nature, and compliance with Islamic finance principles.

  1. Aave (AAVE): Considered Halal as it facilitates decentralized, interest-free lending and borrowing protocols, often structured as Shariah-compliant Qard Hassan loans.
  2. Algorand (ALGO): Halal. A pure Layer-1 blockchain focused on providing a scalable and secure infrastructure for decentralized applications.
  3. Ankr (ANKR): Halal. Provides infrastructure and node services for Web3, a clear and permissible utility.
  4. Arbitrum (ARB): Halal. A leading Layer-2 scaling solution for Ethereum, providing clear technological utility.
  5. Avalanche (AVAX): Halal. A high-performance Layer-1 platform for creating custom blockchains and decentralized applications.
  6. Bitcoin (BTC): Halal. Widely accepted as a digital store of value and a decentralized payment network.
  7. Bitcoin Cash (BCH): Halal. A fork of Bitcoin focused on being a fast, low-fee electronic cash system.
  8. Cardano (ADA): Halal. A research-driven Layer-1 blockchain focused on sustainability and scalability.
  9. Celestia (TIA): Halal. A modular data availability network, providing a fundamental infrastructure layer for blockchains.
  10. Chainlink (LINK): Halal. Provides a critical and permissible service as a decentralized oracle network.
  11. Cosmos (ATOM): Halal. An ecosystem of independent blockchains designed to communicate with each other.
  12. Ethereum (ETH): Halal. The leading smart contract platform, its utility is clear. Staking rewards are often viewed as permissible, similar to a service fee (Ijarah).
  13. Ethereum Name Service (ENS): Halal. Provides a decentralized naming service for Ethereum addresses, a clear utility.
  14. Hedera (HBAR): Halal. An enterprise-grade distributed ledger network with a clear focus on governance and utility.
  15. Injective (INJ): Halal. A Layer-2 decentralized exchange protocol that facilitates derivatives and spot trading.
  16. LayerZero (ZRO): Halal. An omnichain interoperability protocol, providing clear infrastructure utility.
  17. Near Protocol (NEAR): Halal. A user-friendly and developer-friendly Layer-1 blockchain platform.
  18. Optimism (OP): Halal. A popular Layer-2 scaling solution for Ethereum.
  19. Polkadot (DOT): Halal. A multi-chain protocol that enables interoperability between different blockchains.
  20. Polygon (POL): Halal. A leading Layer-2 scaling solution and ecosystem for Ethereum-compatible blockchains.
  21. Render Network (RENDER): Halal. A decentralized network for GPU rendering, providing a clear utility service.
  22. Solana (SOL): Halal. A high-performance Layer-1 blockchain known for its speed and low cost.
  23. Starknet (STRK): Halal. A validium-based Layer-2 scaling solution for Ethereum.
  24. Stellar (XLM): Halal. A network designed for fast, low-cost cross-border payments and asset tokenization.
  25. Sui (SUI): Halal. A high-performance Layer-1 blockchain designed from the ground up for scalability.
  26. The Graph (GRT): Halal. An indexing protocol for querying data from blockchains, providing a critical infrastructure service.
  27. The Open Network (TON): Halal. A fast and scalable Layer-1 blockchain with integrated messaging and payment features.
  28. Tron (TRX): Halal. A Layer-1 blockchain focused on content creation and decentralized applications.
  29. Uniswap (UNI): Halal. The leading decentralized exchange (DEX) protocol, providing a permissible automated market-making service.
  30. USD Coin (USDC): Halal. A fully regulated, fiat-backed stablecoin, considered permissible as it is a digital representation of fiat currency.

Haram Crypto Assets (Generally Non-Compliant)

These assets are typically deemed impermissible due to a lack of clear utility, high speculative nature, or direct involvement with prohibited industries.

  1. ApeCoin (APE): Haram. Primarily associated with the Bored Ape Yacht Club NFT collection, it is heavily tied to speculative culture and imagery that can be considered un-Islamic.
  2. Artificial Superintelligence Alliance (FET): Haram. While the project has utility, it is often flagged by advisors due to the high degree of Gharar (uncertainty) and speculation surrounding the concept of artificial superintelligence.
  3. Binance Coin (BNB): Haram. It is the native token of a centralized exchange (Binance) that offers services like margin and futures trading, which involve Riba and Maysir. The token's value is directly tied to a platform that facilitates impermissible activities.
  4. Berachain (BERA): Haram. A new, highly speculative meme-coin with no clear, established utility at this time. It falls under the category of Maysir.
  5. Bittensor (TAO): Haram. Flagged for excessive Gharar. Its complex, abstract model for decentralized machine learning makes its risk and uncertainty too high for it to be considered compliant.
  6. Dogecoin (DOGE): Haram. The quintessential meme coin, created as a joke and driven almost entirely by speculation (Maysir) with no substantive utility.
  7. Loopring (LRC): Haram. While a Layer-2 protocol, it is often associated with zkRollup technology that facilitates decentralized exchanges offering derivatives and leverage, which are non-compliant activities.
  8. PAX Gold (PAXG): Haram. While backed by a physical asset (gold), it is structured as an ETP (Exchange-Traded Product) that involves elements of Riba through its custodial and management fees, and resembles a conventional bond, which is impermissible.
  9. PayPal USD (PYUSD): Haram. Issued by a centralized entity (PayPal) that is a conventional financial institution earning interest on the reserves backing the stablecoin. This direct involvement with a Riba-based system makes the token impermissible.
  10. Pyth (PYTH): Haram. A decentralized oracle service, but its tokenomics and direct integration with speculative trading platforms like derivatives exchanges make it non-compliant.
  11. Sky (SKY): Haram. This is the new token for the MakerDAO project, which has become increasingly controversial. The platform's stablecoin (DAI) and governance model have been flagged by scholars for involving Riba and other non-compliant financial instruments.
  12. Sonic (S): Haram. A new, highly speculative gaming and meme coin with no established, clear utility.
  13. Synthetix (SNX): Haram. The protocol is designed specifically for minting synthetic assets (Synths), including fiat currencies, commodities, and stocks. This involves Gharar and facilitates the trading of assets that may be non-compliant themselves.
  14. Tether (USDT): Haram. Although widely used, Tether's controversial history, lack of transparent and consistent audits, and its issuance by a company involved in interest-bearing reserves make it non-compliant. USDC is the preferred Halal alternative.
  15. The Sandbox (SAND): Haram. As a leading metaverse/gaming token, it is heavily tied to virtual worlds and activities that can contain impermissible elements (e.g., gambling, idolatry) and is driven by high speculation.
  16. Virtuals Protocol (VIRTUAL): Haram. A highly speculative AI agent meme coin with no clear, real-world utility.
  17. XRP: Haram. The ongoing legal uncertainty surrounding its classification by the SEC as a potential security, combined with its centralized nature and primary use case for cross-border payments by banks (a Riba-based system), leads most scholars to classify it as non-compliant.

Doubtful / Requires Deeper Study

These assets fall into a grey area where their compliance is not clear-cut and depends heavily on the specific interpretation of a scholar.

  1. Axie Infinity (AXS): Doubtful. A play-to-earn gaming token. While it has utility, the gaming model itself can contain elements of Maysir (gambling/loot boxes) and Gharar, making its overall permissibility questionable.
  2. Celestia (TIA): *Moved to Halal category based on clear infrastructure

Disclaimer:

This analysis is for informational purposes only and does not constitute financial advice. Always perform your research and consult a professional before making trading or investment decisions.


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