On March 4, Yamani Hafez Musa, Deputy Minister of Finance of Malaysia, said: “Digital assets such as Bitcoin Ethereum are not suitable for use as a means of payment. Generally speaking, digital assets are not a store of value and a good medium of exchange.”and
He added that digital assets are exposed to volatility due to speculative investments, and cryptocurrencies do not exhibit the characteristics of money.
While digital assets are not recognized as legal tender in Malaysia, the official said they are an asset class that can be invested. He noted that the country’s Securities Commission has defined cryptoassets as securities, and its laws and regulators are currently overseeing crypto trading activities in the country.