PETALING JAYA: Luno general manager for Malaysia and Southeast Asia David Low sees the current volatile market conditions as an opportunity for alternative investment systems such as cryptocurrencies to showcase their benefits that offer a secure, easy and efficient payment and investment option.
“Many liken bitcoin to ‘digital gold’, a hedge in times of uncertainty, but without the drawbacks that come with managing, transporting and storing physical gold. In fact, we believe bitcoin is a far superior store of value compared to gold.”
While 2018 was a comparatively quiet year, Luno Malaysia’s marketing and community manager Aaron Tang said, interest in and demand for cryptocurrencies have been picking up again over the past few weeks.
He added that the regulations implemented by the Malaysian government through the Securities Commission (SC) and Bank Negara Malaysia are an integral part for the evolvement of cryptocurrencies into a mainstream asset class.
Last month, the central bank and the SC announced that they had entered into digital asset regulation coordinating arrangements that will support the oversight of digital asset activities which will facilitate industry innovation, fundraising activities for early-stage companies and trading of digital assets as well as ensuring that systemic risk and financial integrity measures remain effective.
Previously, the SC amended its guideline on recognised market in January this year to include digital asset exchanges. The regulator greenlighted 22 out of 43 digital asset exchanges to continue operations past March 1, 2019 until such period as may be notified by the SC.
Tang welcomed the input of the regulators as it brings clarity and protection to businesses and consumers.
“We eagerly await the announcement of approved Digital Asset Exchanges by the SC which will allow customers to easily and safely access cryptocurrencies like bitcoin again.”
