Shariah Council Allows Cryptocurrency Investing And Trading

Shariah council allows cryptocurrency investing and trading. The Securities Commission Malaysia ( SC)’s Shariah Advisory Council reportedly disclosed its stance on crypto-currency trading in the country at this week’s Invest Malaysia 2020 gathering.

The Edge Markets quoted SC Chairman Datuk Syed Zaid Albar as saying Tuesday during a teleconference panel session “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”. 

He added “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’s securities commission, Suruhanjaya Sekuriti Malaysia, started regulating the country’s cryptocurrency industry on Jan. 15 last year, when “the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019” went into effect. So far, three cryptocurrency exchanges have been approved to operate in the country: Luno Malaysia, Sinegy Technologies, and Tokenize Technology.

[image: Izuddin Helmi Adnan]

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