KUALA LUMPUR 20 Nov. - Earlier this year, Malaysia became one of the first countries in the world to introduce cryptocurrency regulations with Securities Commission Malaysia approving licenses for three crypto exchanges.
These regulations were put in place to protect local investors by ensuring standard practices in terms of trading, pricing and asset-protection. As a result, Malaysians are provided with a variety of safe opportunities to enter the market and there’s been a surge in interest in cryptocurrencies.
With Bitcoin’s price nearing its all-time high of RM80,244, CoinGecko - the leading cryptocurrency aggregator in the world - sought out to measure cryptocurrency awareness and usage amongst Malaysians, including their holdings, preferred exchange platforms, and their perception of the cryptocurrency market.
“The cryptocurrency industry has grown by leaps and bounds over the past few years. What was once considered taboo, today major corporations such as PayPal and Square recognise it as a strong store of value, especially now that Bitcoin and other cryptocurrencies are on an upward trend. We were curious about how Malaysians perceive this new asset class, and our findings show that there is still a lot more room to grow in terms of local awareness and adoption,” shared TM Lee, CEO of CoinGecko.
While 29% of Malaysians are aware about cryptocurrencies, only 5% own at least one cryptocurrency
45% of respondents view Bitcoin as just a currency but 8% still view it as a scam or fraud
With regards to cryptocurrency exchange usages, 56% of the respondents prefer Luno (a locally operated licensed exchange) as the platform of their choice, while more than 20% prefer international exchanges as they offer a wider variety of trading pairs
More than 57% of the respondents conducted their research via social media, especially Facebook and YouTube
Most Malaysians are not financially resourceful as seen by almost 40% of the respondents not having any investments at all or relying on fixed deposits as their primary investment
The crypto market provides an alternative for Malaysians to invest their money. With the introduction of regulations by the Securities Commission Malaysia, it has also become safer and more accessible. Despite this, keen investors still need to take the time to conduct thorough research and be wary of the information passing around on Social Media. - DagangNews.com