Bursa Malaysia has rejected the concept of incorporating cryptocurrency into its multi-asset exchange, as stated by Bursa Malaysia’s chief executive officer, Datuk Muhamad Umar Swift.
Umar explained that the exchange evaluated the potential inclusion of cryptocurrency, along with exchange-traded funds (ETFs), but ultimately decided against it due to a misalignment with its objectives, according to NST.
The core objectives of Bursa Malaysia centre around its motto of creating opportunities and enhancing value. According to Umar, cryptocurrency fails to contribute to these goals, as it lacks tangible intrinsic value.
Umar emphasised that Bursa Malaysia’s primary function is to facilitate capital raising and economic growth, rather than merely facilitating trading activities. He highlighted the discrepancy between cryptocurrency’s speculative nature and the exchange’s focus on real economic development.
Umar said, “Cryptocurrency is not a real asset, it does not have any intrinsic value. The exchange is designed to help people raise capital and it is not just about trading.
“All our products come back to the real economy. I do not have that call for crypto. That is why we do not do it, crypto is just crypto.”
Consequently, Bursa Malaysia has excluded cryptocurrency from its portfolio of new asset classes, adhering to its overarching mission of enabling companies to thrive, expand, and contribute to economic prosperity.
