Malaysian firm adds Islamic certification to cryptocurrency

  • Malaysia-based firm HelloGold has received a sharia-compliant certification for its gold-backed cryptocurrency and plans to launch its online gold platform in Thailand later this year, the company said.
  • Its cryptocurrency product, dubbed GOLDX, was launched at the end of last year and has now received certification from Amanie Advisors, a Malaysia-based Islamic finance consultancy, said chief marketing officer Manuel Ho.
  • Unlike other cryptocurrencies, GOLDX involves the issuance of a token backed by physical gold stored in a Singapore vault, and transactions must be completed within a defined time period, Ho said.
  • This means the issuance process and audited assets can address transparency, certainty and immediacy of transactions – important principles in Islamic financial contracts.
  • The move highlights how fintechs, companies that use new technology to revamp banking services, are extending their influence to Islamic finance markets spanning the Middle East and Southeast Asia.
  • HelloGold plans to expand its gold platform into Thailand in coming months, while potentially adding a third market by the end of the year, said Ho.

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