"Each party has a different view on crypto, so don't be angry."
After seeing the offering of cryptocurrencies and ETFs, Bursa Malaysia Bhd Chief Executive Officer (CEO) Datuk Muhamad Umar Swift rejected the idea of owning digital assets on his multi-asset exchange as it was not in line with his goals.
This is because Bursa Malaysia's goal is to create opportunities and increasing value, but crypto cannot do as it wants, Umar stressed.
He also said crypto is not a real asset as it does not have any intrinsic value plus Bursa Malaysia is designed to help many people raise capital and not just about trading.
All his products are back on the real economy but crypto is just crypto, so this is why Umar said digital assets will not be part of his new stable asset class.
He further added that the purpose is to help firms raise or grow capital, employ people and make a profit, however crypto does not do that as it is just trading for the sake of trading.
As a multi-asset exchange, Bursa Malaysia has the Bursa Carbon Exchange, a syariah-compliant multi-environment product exchange that trades carbon credits through standardized carbon contracts.
It also owns Bursa Gold Dinar for gold investment including BR Capital which aims to bridge the fundraising gap by providing additional fundraising channels for eligible issuers.
