Formerly, the world largest economic superpower, the United States has clearly stated its firm stance against cryptocurrency, such as Bitcoin, where there is a conspiracy to say that the country will ban the digital currency.
Earlier this month, US President Donald Trump has made an anti-crypto statement via his Twitter account.
The issue has been further strengthened by one of the co-founders of an online financial advisor, Betterment, Eli Broverman at the SCxSC Fintech Conference 2019 held at the Securities Commission of Malaysia (SCM). He said that there is no clear legal status for cryptocurrency-related businesses in the country.
Eli as one of the panellists of the conference told that most of the fintech companies operations in the US are still ‘hanging’ due to unclear and long legal process.
“The hardest part is due to the long legal process. It can take up to 14 months, with various enquiries to complete the process. I believe the issue is still ongoing. As a result, a few fintech companies have chosen to focus on the capital market which requires them to comply with a set of rules”, he explained, in response to the question raised by a participant in the conference.
In the conference, Eli was invited to share his experience in setting up Betterment in two sessions, ‘Scaling Fintechs – The Stimulate for Grow’ and ‘From Start-Up to Scale-Up’.
On top of that, while sharing his thoughts on the digital and capital markets in the Southeast Asian region including Malaysia, he said the companies in this region need to improve the security services and also focus on the fintech infrastructure.
“This is my first visit to Malaysia, but all I can say is that fintech companies in this region need to improve their security services and financial technology infrastructure”, he told.
In the meantime, he believed that fintech companies should step out of their comfort zone by expanding their network to other countries such as Thailand and Indonesia with strategic collaboration between local and global companies.
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A keen researcher who believes in enriching her knowledge. For Shuhada, the crypto world intrigues her sense and offers plenty of high delicious 'crypto cuisines'.