Malaysian SC Shariah Advisory Council praises crypto’s ‘great potential’

Just three months after a landmark decision declaring digital assets trading is permissible under Islamic law, and religious scholars in Malaysia say crypto is looking bullish as an investment. The Malaysian Reserve reported Dr. Modh Daud Bakar, the Securities Commission Malaysia (SC) Shariah Advisory Council chairman, as saying that crypto has great potential but adoption in the country faced challenges from a lack of understanding about the asset class.

“The acceptance of digital assets can open up so many interesting areas in Malaysia, in which crypto can be deemed as investment assets where people can buy and hold for trading,” said Bakar. In July, Malaysia’s council declared that digital assets trading was permissible according to Shariah Law.

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