Efforts in drafting regulatory risk index for cryptocurrency lauded

MIRI (Sept 16): Cryptocurrency has the potential to become the new way of executing transactions.

According to Deputy Minister of Tourism, Creative Industry and Performing Arts Sarawak Datuk Sebastian Ting, this digital currency is now being ‘progressively embraced’ by the global market and therefore, he believes that it is vital that people to understand its functions, while ensuring high levels of safety and accountability.

“Research in this field is crucial not just for academic exploration, but also for shaping the financial policies of tomorrow,” said the Piasau assemblyman at the closing of the national-level ‘Financial Instruments Trading Competition’ at Curtin University Malaysia here, recently.

In lauding the university’s efforts in developing a regulatory risk index for the cryptocurrency market in Malaysia through its fundamental research grant, Ting encouraged other universities to collaborate with Curtin Malaysia in this area.

Such collective initiative, he opined, would help build a robust and forward-thinking financial framework.

“The rise of cryptocurrencies is undeniable, and it is crucial that we prepare ourselves for what will undoubtedly be a central component of future financial systems,” he said, also commending the organising committee for such an innovative approach in hosting the competition, which focused on digital financial instruments.

The programme, said TIng, had not only brought together bright young minds, but also addressed the very heart of modern financial literacy and innovation.

“We live in a time where scams and get-rich-quick schemes involving cryptocurrencies and other financial instruments have become rampant, often preying on those with limited financial understanding.”

Through this competition, the participants were tested not only on their trading acumen but also on their capacity to think critically, analyse market movements, and respond effectively.

“These are invaluable skills, not just for those entering the world of finance but for all of us as we navigate an increasingly complex financial landscape,” added Ting.

The state deputy minister also expressed hope that the financial instruments trading competition could be turned into an annual activity, growing in scale and impact, and for it to continue providing students with the opportunities to learn, experiment and prepare for the world of real-world trading.

Present at the event were the university’s acting pro vice-chancellor cum chief executive Prof Vincent Lee, its Faculty of Business dean Prof Pauline Ho, and its Department of Accounting, Finance and Economics head Dr Dhanuskodi Rengasamy.