SC: Malaysia’s Digital Asset Trading Value More Than Doubles In 2024
KUALA LUMPUR, March 20 (Bernama) -- Trading activity in local digital asset exchanges (DAXs) increased with the average daily trading value recorded at RM38.06 million in 2024 versus RM14.88 million in 2023, as traded assets recorded a positive performance, said the Securities Commission Malaysia (SC).
Across all DAXs, the SC said the largest daily trading value of RM300.39 million was recorded on Dec 3, 2024, coinciding with the days leading up to Bitcoin hitting the US$100,000 mark for the first time in its history.
The aggregate average daily trading value of all DAXs significantly grew by 155.74 per cent in 2024, primarily attributed to end-of-year trading activity, it said.
"In 2024, local DAXs’ trading value momentum was mainly driven by global market events, namely the US spot Bitcoin ETFs approval, the global market meltdown in August 2024, and the US presidential election results.
"This again reflected the sensitivity of digital assets’ attractiveness to global development despite traders and investors being based in Malaysia," the regulator said in its Capital Market Stability Review 2024 report released today.
The SC said the value of digital assets traded remained small at 1.64 per cent, compared to the domestic equity market trading value in 2024.
Luno continued to be the dominant DAX in Malaysia, consistently contributing over 93 per cent of the aggregate trading value on a daily basis.
"As of 2024, the digital asset space remained small relative to the traditional equity market, with limited interconnection with the traditional equity market.
"Given this, the risks in the digital asset space remained contained with limited systemic impact to the domestic capital market," it added.
-- BERNAMA