"Malaysia has to hustle a little more to increase the use of crypto."
Malaysia is one of the countries that showed a positive attitude towards cryptocurrency when the government was found to be taking steps to regulate the industry.
In 2019, the Securities Commission of Malaysia (SC) announced new guidelines for Initial Coin Offerings (ICOs) and Digital Asset Exchanges (DAX) as part of its efforts to provide clarity and transparency to investors.
The SC also licensed several crypto exchange companies such as Luno, Sinegy and Tokenize to operate in Malaysia, but they must comply with the rules set by the SC to prevent money laundering and terrorist financing.
Luno, a crypto exchange platform founded in 2013 in London that allows users to buy, sell and store cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) has expanded to operate in several countries around the world including Malaysia.
Even so, the use of crypto among Malaysians is still lacking, most of them are not only unfamiliar with the concept but are hesitant to apply digital assets as a form of payment.
In addition, people are also worried about the risks they face and the volatility of crypto prices that can cause an investor to experience a large amount of losses.
Overall, even though Malaysia takes measures to regulate and support the use of crypto, education and awareness building among the general public should be implemented so that the use of crypto can be expanded in a healthy and safe manner.
