Shariah Advisory Council enables digital asset trading in Malaysia
In an historic announcement, the Securities and Exchange Commission’s (SEC) Shariah Advisory Council (SAC) approved the trading of digital assets.
The Shariah Advisory Council of Malaysia is the authority that oversees the implementation of Muslim law in the operation of Islamic financial institutions.
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The Chairman of the Securities and Exchange Commission, Datuk Syed Zaid Albar, made the announcement during a session of the Invest Malaysia 2020 teleconference panel on 7 July, stating
„The Shariah Advisory Council has decided that, in principle, investment and trading in digital currencies and tokens is allowed in registered digital asset exchanges.
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Kelvyn Chuah, founder of SINEGY, Malaysia’s first digital asset exchange approved by the Malaysian securities regulator, told Cointelegraph that the announcement is extremely important, as more than 60% of Malaysians are Muslims.
Chuah added: „At the same time, Malaysia aims to be the center of Islamic finance and financial technology. This announcement clarifies the many ambiguities still linked to digital assets.
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Explaining further the SAC’s position on digital assets, he said that „currently all trade in regulated digital assets is allowed, while there are several non-compliant activities that will remain prohibited.
While Malaysia’s Muslim community awaits a more detailed resolution on the trade in digital assets, companies like SINEGY can now offer more services that could attract more Muslims to the digital asset space, Chuah said.
„The industry is waiting for the full SAC guidelines on the issuance of digital asset tokens. We also believe that regulators may be looking at having a regulated market for digital asset derivatives in the medium-term future,“ he added.