The Sharia Law Advisory Council of the Securities Commission of Malaysia decided that trading in crypto assets does not contradict Sharia law and can be allowed.
According to the chairman of the Malaysian Securities Commission, Datuk Syed Zaid Albar, the Sharia Law Advisory Council has concluded that trading in digital assets is consistent with Sharia law.
“The Sharia Law Advisory Council decided that investing in and trading in digital currencies on registered digital asset exchanges could be allowed,” said Sayed Zayed during a teleconference at Invest Malaysia 2020. “This is a truly revolutionary Advisory Council decision that can stimulate industry development and investment in digital assets. As soon as the resolution is completed, we will publish additional information. ”
To date, the Malaysian Securities Commission has authorized the operation of three crypto asset exchanges in the country - Luno, Sinegy and Tokenize. The Commission had previously approved the circulation of at least four digital assets in the country.
At the beginning of this year, the Malaysian regulator issued a new cryptocurrency guide, according to which the initial public offering of tokens (ICOs) should be carried out exclusively on exchanges, that is, turn into IEO. In November last year, the Malaysian government imposed restrictions on cash transactions, as a result of which citizens of the country began to use cryptocurrencies more often.
Recall that back in 2018, a Javanese Islamic expert admitted that bitcoin complies with Sharia law. Then this statement caused a rise in the price of bitcoin by a thousand dollars, as it opened the market for Muslim investors who were previously not sure that cryptocurrency qualifies as money in Islamic teachings.