Published date: May 03 2024

Journal Title: KnE Social Sciences

Issue title: 8th Sriwijaya Economics, Accounting, and Business Conference (8th SEABC 2023)

Pages: 718–742

DOI: 10.18502/kss.v9i14.16140

Yip Chiann HueyB1600602@helplive.edu.myHELP University

Yap Kiew Heong AngelineHELP University

Yap Saw TengTunku Abdul Rahman University of Management and Technology

Teoh Teng Tenk MelissaHELP University

Wong Siew ChinTunku Abdul Rahman University of Management and Technology

Zakiah SalehUniversity of Malaya

This paper presented the views of Malaysians regarding their perception of cryptocurrency. Data were collected through interviews with 59 existing and potential users of cryptocurrency. Text analytics through keyword extraction and content analysis on the responses from the survey were then performed. Keywords on the question related to the regulation of cryptocurrency included “Government should”, “Should regulate”, and “Money laundering”. Keywords such as “Government should”, “Should issue”, and “Regulatory regime” appeared for the question related to whether the government should develop a cryptocurrency regulatory regime. On issuing their own cryptocurrency, 49% of the respondents supported it, while 42% were against such a move. 88% of the respondents felt that the government should not ban cryptocurrency transactions. For the question related to suggestions to overcome issues associated with cryptocurrency, keywords such as “financial system”, “privacy seriously”, and “enhance financial” were reported. This paper adds to the body of knowledge on cryptocurrency by shedding light on the regulation landscape in an emerging market. In view of the increased usage of cryptocurrency, the public should be educated, and relevant bodies should establish regulations to minimise possible related illegal activities while developing a cryptocurrency-friendly regulatory regime.

Keywords: cryptocurrency, text analytics, regulation, Malaysia, fintech

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