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CryptoCurrency Adoption In Malaysia

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We speak to Kelvyn Chuah, co-founder and managing director of SINEGY, one of three digital asset exchanges permitted to operate in Malaysia.

When thinking of cryptocurrencies or digital assets, the first thing that comes to most people’s minds is bitcoin or ethereum. And while often seen as nothing more than volatile speculations that high-risk investors love, there is a lot more to cryptocurrencies than meets the eye.

Digital currencies have very much been in the spotlight over the past six months, with huge rallies in prices sparking interest around the world. It has also started to attract the attention of institutional traders and high-profile entrepreneurs such as Elon Musk, leading to further awareness and adoption worldwide.

Malaysia is no different, and unregulated peer-to-peer trading platforms have proven to be a popular way for first-time traders to dip their toes into the water. However, the downside of this is that their assets are not afforded the protection offered by the regulated digital asset exchanges (DAX).

“Trying to convince players who are already comfortable with those platforms to move over to regulated ones such as ours is a major challenge,” shares Kelvyn Chuah, co-founder and managing director of SINEGY.

He adds that “many players are still fearful of being monitored by the authorities” when it comes to cryptocurrencies and thus turn to these platforms in an effort to remain under the radar. But with all things considered, the adoption rate of cryptocurrencies is very much at the stage of infancy, and Kelvyn believes that there needs to be an effort to push for education and awareness in order for the ecosystem to grow. “We are playing our part by having a webinar series (SINEGY BYTES) for anyone interested to learn more about cryptocurrency. It is an expansive industry, bit by bit, a little goes a long way.”

[ Read our exclusive interview with Kelvyn Chuah HERE ]

Investors are encouraged to refer to Securities Commission Malaysia website for the list of registered
digital asset exchanges.
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