Even though in most western countries today, matters related to religion and money have been independent of one another. However, in Islam, especially those following the Shariah code of ethics, the two are intertwined inextricably. Also, in the past, there have been serious efforts to introduce crypto within the world of Shariah-based cooperative finance, such as the Stellar Network and Halal Chain. By and large, this market is still quite nascent and not as mature as many from within the region would like it to be.
In this regard, according to a landmark announcement made by the Securities Commission of Malaysia’s Shariah Advisory Council, trading of digital assets is now permissible by law within the country’s borders. The new ruling will not only help spur the growth of Malaysia’s existing financial ecosystem but will also enable the creation of a blueprint that can be used by other Shariah-observing nations to promote crypto innovation while staying in line with the deep ethical values outlined by Islamic traditions.
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