Deputy minister in the Prime Minister’s Department Eddin Syazlee Shith said new laws to control cryptocurrency trade were also difficult because there was no decentralised body.
“The nature of cryptocurrency or Bitcoin is that it is difficult for us to control due to its decentralised nature,” he told Dewan Rakyat.
Eddin Syazlee replied that the Securities Commission (SC) had classified cryptocurrency as a form of security and offered guidance to investors to understand the risks and nature of investment.
Last year, the government had reportedly said that cryptocurrencies would not be banned.
“It is not the intention of the authorities to ban or put a stop to any innovation that is perceived to be beneficial to the public,” the Finance Ministry had said.
With the government regulating digital asset exchanges, it is advisable for individuals seeking to invest in cryptocurrencies to enlist with those recognised by the Securities Commission (SC).
Additionally, those seeking to establish a digital asset exchange to trade bitcoin and other cryptocurrencies in Malaysia must comply with SC regulations that require exchanges to have robust measures in place to protect users and their assets. –
On Oct 26, the SC said over RM16 billion in digital assets and cryptocurrencies were traded in Malaysia between August 2020 and September 2021.