Cryptocurrency and cybercrime: an analysis of legal safeguards in Malaysia

Nazli, Ismail Nawang and Ida Madieha, Abd Ghani Azmi (2020) Cryptocurrency and cybercrime: an analysis of legal safeguards in Malaysia. In: International Conference on Law and Globalisation (ICLG) 2020, 07-08 Nov 2020, UniSZA via Webex.

[img] Text
Restricted to Registered users only

Download (444kB)
[img] Text
Restricted to Registered users only

Download (1MB)


The advent of financial technology (fintech) in this Fourth Industrial Revolution (IR 4.0) era has witnessed waves of disruptions to the traditional financial institutions and their products. Fintech has levelled the financial playing field and enabled the sharing of economy between the underprivileged society and the wealthy individuals or institutions. And cryptocurrency is one of the most popular innovations in the fintech industry and it generally refers to digital or virtual currency that is intangible and available only in electronic form. The driving forces to the strong take-up cryptocurrency are its anonymity and decentralisation as transacting parties are not required to disclose their true identities and the financial transactions are not controlled by any central authority as they are managed on a global peer-to-peer (P2P) networks. Nonetheless, cryptocurrency has been exploited in the commission of cybercrimes and this can be best illustrated in the celebrated WannaCry ransomware attack in 2017 whereby the cybercriminals have demanded payment of ransom to be made using Bitcoin. Thus, this article attempts to explore the nexus between cybercrime and cryptocurrency, and to analyse the existing legislative measures in combating this issue. This study is a qualitative research that adopts pure legal research methodology by analysing existing laws on cybercrimes and cryptocurrency in the country. The output of the research is expected to shed some lights on legal safeguards accorded by laws in Malaysia.

Item Type: Conference or Workshop Item (Paper)
Uncontrolled Keywords: cryptocurrency, cybercrime, regulatory framework, Malaysia
Subjects: H Social Sciences > HG Finance
K Law > K Law (General)
T Technology > T Technology (General)
Divisions: Faculty of Law & International Relations
Depositing User: Muhammad Akmal Azhar
Date Deposited: 22 Nov 2020 06:42
Last Modified: 22 Nov 2020 06:42

Actions (login required)

View Item View Item