If you are familiar with the terms cryptocurrency, you probably familiar with the word digital assets.
Believe it or not, cryptocurrency is just a type or form of digital assets. In a simple definition, the digital asset is any owned content in digital form. Most digital assets are valuable and not exclusive to monetary value.
For example, the stored photos taken by a phone considered as a digital asset.
It is also in the form of digitized documents, software, data, designs, patents, art, music, websites, cryptocurrencies, and more.
Is cryptocurrency a recognized digital asset in Malaysia?
YES! In 2019, under the Malaysia Capital Market and Services Act 2007, it laid out as a digital representation of value recorded on a distributed digital ledger. It can be exchanged and traded with value.
By the time of this writing, there are only three recognized exchanges in Malaysia by the Securities Commission Malaysia (SC). The exchanges are LUNO, SINEGY, and Tokenize that allow Malaysians to buy, sell, and store cryptocurrencies such as Bitcoin, XRP, and Litecoin.
Other than the three mentioned above, SC has advised the public not to use the services of unauthorized or unlicensed entities. Therefore, please be cautious before you decide to put your money on the line!
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