Sirlibz
The Shariah advisory Council of the Malaysia Securities Commission (SC) has revealed its stand on cryptocurrency trading and investment. They revealed this in the Invest Malaysia 2020 event which happened this week. About 60% of the country’s population are Muslims and have been skeptical about investing in cryptocurrency for fear of offending the Shariah Council. The Shariah Council has therefore given permission for investments and trading of cryptocurrency to take place.
“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” The SC Chairman Datuk Syed Zaid Alber said.
Malaysia and Cryptocurrency
The Security Commission of Malaysia started regulating cryptocurrency on Jan, 15 last year. They currently have 3 approved exchanges: Luno Malaysia, Sinegy technologies, and Tokenize technology.
With this announcement of cryptocurrency trading and investment being Shariah-compliant, we might see other Muslim countries approve cryptocurrency which would open the doors for a lot of investments from the Muslim community.
