Malaysia authorizes investment and trade in cryptocurrencies
The Shariah Advisory Council informed the general population of the country that commercial exchanges with digital assets are now allowed
Through a statement, the Shariah Advisory Council of the Malaysian Securities Commission reported that cryptocurrency trading and investment was authorized.
This is how now the population, 60% Muslim, will be able to carry out this activity after having been reluctant to trade digital assets for fear that it does not comply with Sharia.
The Shariah Advisory Council of the Malaysian Securities Commission (SC) reportedly revealed its position on cryptocurrency trading in the country at the Invest Malaysia 2020 event this week. SC President Datuk Syed Zaid Albar was quoted by EdgeMarkets during a teleconference panel session on Tuesday:
“The Shariah SC Advisory Council has resolved that, in principle, it is permissible to invest and trade in digital currencies and tokens in registered digital asset exchanges,” they stated.
On the other hand, Zaid Albar assured that “this is a truly innovative resolution of the SAC”, which would bring about further development and investment in this sector.
Malaysia is a multiracial country with a current population of approximately 32 million, of which approximately 60% are Muslim, the Malaysia Islamic Tourism Center described, adding that Islam is constitutionally the country’s official religion. “The Shariah Law in Malaysia is only applicable to Muslims and is used to resolve conflicts related to creeds and family matters”.
K. Tovar
Source: Infocoin
