26th April 2021 - 2 min read
The Securities Commission Malaysia (SC) revealed that it has given provisional approval for Bitcoin Cash, allowing it to be traded on authorised cryptocurrency platforms within Malaysia in the near future. With this, Malaysian investors will soon be able to dabble in a total of five cryptocurrencies, including the four that are currently permitted: Bitcoin, Ethereum, Ripple, and Litecoin.
Unveiled during a live interview session with FintechNews Malaysia, the executive director for digital strategy and innovation of the SC, Chin Wei Min said that approved cryptocurrencies were chosen based on market demand. He further added that these five cryptocurrencies are currently the most traded assets, and that the SC is open to engaging in and approving more digital assets.
That said, the SC has yet to officially announce this update on the provisional approval for Bitcoin Cash to the Malaysian public. Interested investors should note that they will only be able to trade with it officially on the three approved exchanges in Malaysia – Luno, SINEGY, and Tokenize – after it has been granted full approval by the SC.
For context, Bitcoin Cash is a cryptocurrency that was derived from Bitcoin (a spin-off of sorts), designed on an improved blockchain technology to allow for smoother processing and much faster transactions at a reduced cost. For comparison, Bitcoin’s transaction speed is limited to approximately 7 transactions per second, whereas Bitcoin Cash is supposedly capable of processing 116 transactions per second on average.
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