Another country that allows and wants to encourage greater development of digital assets is Malaysia, SC chairman Datuk Syed Zaid Albar announced this during panel session on event Invest Malaysia 2020.
Datuk Syed Zaid Albar said:
The SC Shariah Advisory Council has resolved that in principle, it is permissible to invest and trade in digital currencies and tokens on registered digital asset exchanges,
This is a really ground-breaking resolution by the SAC (Shariah Advisory Council) that could spur greater development and investment in digital assets.
Once the resolution is finalised, we will issue further details,
Malaysia began regulating cryptocurrencies last January and came up with the recognition of digital currencies as securities. All cryptocurrencies, ICOs and activities were subject to the Securities Act and had to be approved by the Commission.
Until now, any company or person that operated a cryptomen exchange without the consent of the SC risked a fine or imprisonment. Bank Negara Malaysia also had a negative attitude, declaring that cryptocurrencies were not legal tender in the country.
However, even after the aftermath of the COVID-19 pandemic, the country appears to have reconsidered its position and recognized the need for digital money.
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