KUALA LUMPUR: Malaysia is one of the fastest growing ASEAN countries to issue rules or regulations involving cryptocurrencies, thus supporting the development of digital asset investment in the country.
Luno Malaysia Country Manager, Aaron Tang, said the support from the regulatory aspect in the country enabled investment in cryptocurrencies including Bitcoin to have the potential to grow positively and rapidly in Malaysia.
"We see the potential of investing in cryptocurrencies including Bitcoin in the country. I understand, financial advisers in Malaysia have issued guidelines or recommendations to invest one to five percent in cryptocurrencies.
"Malaysia is the earliest and fastest country to come up with rules involving cryptocurrencies. Singapore, Thailand and the Philippines also have rules like Malaysia," he said at a virtual briefing today.
Elaborating further, Tang said, to ensure that the investment potential and cryptocurrency transactions grow better, greater involvement of institutional investors is needed as implemented by the leading online financial system provider, PayPal.
"The trajectory of the development of cryptocurrencies, especially Bitcoin, in Malaysia is on a positive line. Luno Malaysia recorded RM15 million transactions a day with thousands of new users signing up every day.
"So far, there are 300,000 registered with us involving the value of digital assets under supervision amounting to more than RM1 billion.
"Luno is very positive with the development of cryptocurrencies in Malaysia this year, supported by the growing demand for digital assets industry," he said.
Meanwhile, Luno who is also a digital asset exchange approved by the Securities Commission (SC) shared five myths about Bitcoin most commonly covering investment assets, its impact on the environment and its use in general by consumers.
The virtual media session is part of Luno's efforts to help Malaysians learn the topic of cryptocurrencies after the company reached its goal of eight million customers worldwide.
This follows a previous announcement in April 2021 where Luno managed to reach seven million customers in seven weeks.
Tang said cryptocurrencies like Bitcoin experienced a significant increase in popularity last year.
"This is something encouraging but there are misconceptions about Bitcoin that make it difficult for new investors to understand this asset class. False information results in misunderstandings among the people.
“As a leading digital asset exchange with eight million customers worldwide, Luno is committed to educating the public about cryptocurrencies so that they gain the comprehensive knowledge to explore the world of cryptocurrencies.
“Our platform is not only a place to buy and sell cryptocurrencies securely, but also a great resource for learning cryptocurrencies for anyone, from beginners to experienced investors,” he said.
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