Global financial systems adopt various phases of change in the monetary system. There exists a digital currency at present that uses a cryptographic system that is not exposed to any limitation or control by any state authority. Emergence of the first cryptocurrency, Bitcoin, in 2009 posed an alternative to physical currency issued by the government of a country. Bitcoin began to gain global attention in 2010 and still remains so today in the cryptocurrency market. Following the success and emergence of Bitcoin, there are currently more than 10,000 cryptocurrencies in the world market. Cryptocurrencies are also referred to as digital assets as well as broader terms such as security tokens and other innovations developed by using cryptosystems. Technological advancements affect asset ownership when measuring wealth. The movement of digital asset prices in the world market allows its owners to gain profit and wealth through every transaction. The classification of digital assets into digital currencies and tokens according to their collateral produces different categories of zakat. This qualitative study employed the content analysis method to collect data from various sources related to digital assets and those obligated to pay zakat. Findings show that digital assets that use gold, silver or currencies as collateral are categorized as savings and are subject to currency zakat. Digital assets that are solely based on technology without any collateral are categorized as business goods because the main purpose of its ownership is to trade and obtain a return of profit. Therefore, it is subject to a type of zakat called urudh al-tijarah (business zakat). This study is expected to be used as a reference for parties involved in Syariah-compliant digital currency transactions.
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