SC Shariah Advisory Council permits trading of digital assets, says chairman

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KUALA LUMPUR (July 7): The Securities Commission Malaysia’s (SC) Shariah Advisory Council has resolved that trading of digital assets is permissible, said SC chairman Datuk Syed Zaid Albar.

“The SC Shariah Advisory Council has resolved that in principle, it is permissible to invest and trade in digital currencies and tokens on registered digital asset exchanges,” Syed Zaid said during a teleconference panel session during Invest Malaysia 2020 here today.

“This is a really ground-breaking resolution by the SAC (Shariah Advisory Council) that could spur greater development and investment in digital assets.

“Once the resolution is finalised, we will issue further details,” Syed Zaid added.

To date, the SC has allowed three digital asset exchanges to operate in the country, namely Luno, Sinegy, and Tokenize.

According to reports, the commission has also approved at least four digital assets in the country up until this month.