The content and materials featured on this page are for educational purposes only. The HAQQ Network roadmap for 2024 and beyond lays a solid foundation for the network’s resurgence. Malkov noted that tokenized commodities like the gold token offer a more efficient and transparent alternative to conventional asset exchanges.
The gold token will be exchangeable for actual gold, and in the future, it will also accommodate other investment commodities and potential securities. HAQQ Network also plans to tokenize Islamic financial products such as the “SUKUK” and transform them into blockchain-based tokens. This process increases the liquidity, accessibility, and efficiency of these financial products.
This tokenization allows for fractional ownership and broader distribution while ensuring compliance with the Shariah law by integrating compliance rules directly into the token’s smart contracts. The Islamic Coin project saw a solid launch last year, attracting extensive media coverage from top crypto publications worldwide and key fintech outlets in the Middle East. However, since its launch, the project has faced several challenges and unverified allegations that have affected its growth over the past six months.
The project resonated with the global Muslim community by prioritizing ethics and adhering to Shariah principles, which have often felt underrepresented in the evolving Web3 and blockchain landscape. Unfortunately, Islamic Coin encountered challenges soon after its launch. Despite a solid technological foundation, growing community support, and successful presale rounds, the project was scrutinized when the Virtual Asset Regulatory Authority (VARA) initiated a detailed investigation.
The HAQQ Network cooperated fully with the authorities, leading VARA to close the investigation without any enforcement actions or formal allegations. Alex Malkov acknowledged the difficulties posed by the investigation but affirmed their commitment to cooperating with VARA and providing the required documentation to demonstrate compliance with the regulatory framework. The negative fallout from the VARA investigation affected Islamic Coin’s plans to list on exchanges.
Preliminary agreements with major platforms fell through as these exchanges raised last-minute concerns over perceived risks, causing unexpected delays and complications in expanding ISLM’s accessibility. The project also faced negative media coverage. However, Malkov reiterated their stance, emphasizing the network’s commitment to fighting against misinformation and Islamophobia, with a shared goal of building a more inclusive and equitable financial system.
Islamic Coin (ISLM) is now listed on major centralized exchanges like KuCoin, LBank, XT, and MEXC, as well as decentralized platforms such as SushiSwap, Osmosis, and Uniswap, boosting liquidity and visibility. With features like social login and device recovery, the wallet aims to attract non-crypto users, positioning it as a top app in regions like Nigeria, Indonesia, and Turkey. This concept, compliant with Islamic principles, allows Muslim investors to participate in the digital economy without violating religious guidelines.
Nevertheless, HAQQ Network’s progress shows its ability to merge Islamic finance with innovative Web3 technology while adhering to Islamic ethical standards. Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page.
Users must do their own research before taking any actions related to the company.