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No plans to regulate cryptocurrencies for now, says deputy minister

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Eddin Syazlee Shith says they are difficult to control because of their decentralised nature.

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Free Malaysia Today
Deputy minister Eddin Syazlee Shith says the Securities Commission currently offers guidance to cryptocurrency investors. (Rawpixel pic)

KUALA LUMPUR:
Putrajaya said today it will not regulate cryptocurrencies for now because of their decentralised nature.

Deputy minister in the Prime Minister’s Department Eddin Syazlee Shith said new laws to control cryptocurrency trade were also difficult because there was no decentralised body.

“The nature of cryptocurrency or Bitcoin is that it is difficult for us to control due to its decentralised nature,” he told Dewan Rakyat.

He was replying to Cha Kee Chin’s (PH-Rasah) question on the government’s stand on virtual currencies, and if they would be regulated to prevent losses.

Eddin Syazlee replied that the Securities Commission (SC) had classified cryptocurrency as a form of security and offered guidance to investors to understand the risks and nature of investment.

On Oct 26, the SC said over RM16 billion in digital assets and cryptocurrencies were traded in Malaysia between August 2020 and September 2021.

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