For the trader who wants to earn halal and does not use financial leverage or usurious transactions.
Since we are in the month of goodness and benevolence, you must give zakat on your assets, so that Allah blesses your money and you receive success, help, and provision from Him, and He keeps you away from great losses and wards off calamities from you.
The calculation of zakat on cryptocurrencies depends on several legal principles, the most important of which are:
1. Nisab: This is the minimum value of cryptocurrencies that requires zakat. The nisab varies based on the types of cryptocurrencies, and it is usually determined based on the nisab value of gold or silver.
2. Hawl: This refers to the completion of a full lunar year of owning the cryptocurrencies that have reached the nisab. If the value of the currencies reaches the nisab at any time during the year, zakat must be calculated on them at the end of the hawl.
3. Amount: This is the percentage that must be given from the value of the cryptocurrencies that have reached the nisab and have completed the hawl. The amount of zakat is 2.5% of the total value of the currencies.
Using the approved gold standard, the current nisab is equivalent to $4144.6, which is a fairer measure of wealth.
Have a blessed month and may you all be well every year.
