Cryptocurrency is fast becoming a key player in the global financial landscape, and efforts to regulate this digital asset are being applauded. In a recent event, Sarawak’s Deputy Minister of Tourism, Creative Industry, and Performing Arts, Datuk Sebastian Ting, commended Curtin University Malaysia’s initiative to develop a regulatory risk index for the cryptocurrency market in Malaysia. Speaking at the national-level ‘Financial Instruments Trading Competition’ held at the university, Ting emphasized the importance of understanding cryptocurrency and ensuring safety in its transactions.
“Cryptocurrency is now being progressively embraced by the global market, and it’s crucial that people understand how it works while maintaining high levels of safety and accountability,” said Ting. He further stressed that research in this field is not only important for academic exploration but also essential for shaping future financial policies.
The assemblyman also praised the university’s efforts, funded through a fundamental research grant, to advance the development of this regulatory index. He encouraged other academic institutions to collaborate with Curtin Malaysia, believing that such partnerships would help build a robust and forward-thinking financial framework for Malaysia.
“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,” Ting stated. He noted that the competition, which focused on digital financial instruments, was an innovative approach to modern financial literacy.
Building Financial Literacy in the Digital Age
The Financial Instruments Trading Competition brought together bright young minds to engage in critical thinking, market analysis, and decision-making under real-world conditions. Ting highlighted that the event addressed key concerns around modern financial literacy and innovation, particularly in a time when scams and get-rich-quick schemes have become increasingly common.
“We live in a time where scams involving cryptocurrencies and other financial instruments prey on those with limited financial understanding,” he remarked. “Through this competition, participants were tested not only on their trading acumen but also on their capacity to think critically, analyze market movements, and respond effectively.”
According to the minister, the skills honed during the competition—such as critical thinking and market analysis—are invaluable for anyone entering the financial world. He further expressed hope that the competition could become an annual event, expanding in scale and impact, and providing more opportunities for students to learn and prepare for real-world financial trading.
Future Growth and Collaboration
Ting’s vision for the future involves universities across Malaysia working together to build a strong foundation for cryptocurrency regulation and understanding. He believes that through collective efforts, Malaysia can position itself as a leader in the field of digital finance. “The rise of cryptocurrencies is something we must all be prepared for,” he said.
The event was also attended by Curtin University Malaysia’s acting pro vice-chancellor and chief executive, Prof Vincent Lee, along with Prof Pauline Ho, dean of the Faculty of Business, and Dr. Dhanuskodi Rengasamy, head of the Department of Accounting, Finance, and Economics.
As Malaysia steps into the future of digital finance, efforts like Curtin Malaysia’s regulatory risk index are expected to play a crucial role in shaping the country’s approach to cryptocurrency regulation, ensuring a safer and more informed financial environment.
