Bursa Malaysia Rules Out Offering Crypto on Its Multi-Asset Exchange Platform
by Fintech News Malaysia March 25, 2024Bursa Malaysia has ruled out offering cryptocurrencies on its multi-asset exchange platform, according to a report by the New Straits Times.
The exchange’s CEO, Datuk Muhamad Umar Swift, explained that cryptocurrencies fail to align with the company’s mission to support opportunities and value growth within the real economy.
Datuk Muhamad Umar Swift
“Cryptocurrency is not a real asset, it does not have any intrinsic value,” Datuk Umar stressed. “Our purpose is to help companies raise capital, expand, employ people, and make profit. Crypto does not do that.”
The CEO’s comments come despite the recent growth in the cryptocurrency market, propelled by recent regulatory approvals for Bitcoin ETFs in the United States.
Bursa Malaysia intends to focus its multi-asset exchange on existing initiatives such as the Bursa Carbon Exchange (a carbon credits trading platform), Bursa Gold Dinar (for gold investments), and BR Capital (for debt fundraising).
Featured image credit: Edited from Freepik
