Bursa Malaysia Bhd has rejected the notion of incorporating cryptocurrency into its multi-asset exchange.

The chief executive officer of Bursa Malaysia, Datuk Muhamad Umar Swift, stated that the exchange had considered the possibility of including cryptocurrency, alongside exchange-traded funds (ETFs), but ultimately decided against it as it did not align with its objectives.

Bursa Malaysia's objectives are centered around its motto of creating opportunities and enhancing value.

Umar emphasized that cryptocurrency fails to meet these objectives.

"Cryptocurrency lacks intrinsic value as it is not a tangible asset. The exchange aims to facilitate capital raising, not just trading.

"All our products are tied to the real economy. Cryptocurrency does not fit into this framework. Hence, we do not offer it. Cryptocurrency is simply cryptocurrency."

This stance clarifies why cryptocurrency will not be integrated into its range of new asset classes.

"Our mission is to support companies in raising capital, expanding, creating employment, and generating profit. Cryptocurrency does not fulfill these fundamental objectives. It is trading for the sake of trading.

"I understand the allure of cryptocurrency, but we remain focused on our core mission and the broader market," he explained.

Bitcoin, the world's largest cryptocurrency, has experienced a surge in value this year following the approval of spot bitcoin ETFs by the US Securities and Exchange Commission in January.

As a multi-asset exchange, Bursa Malaysia operates Bursa Carbon Exchange, a Shariah-compliant platform for trading carbon credits through standardized contracts. It also offers Bursa Gold Dinar for gold investments and BR Capital, which aims to address the funding gap by providing additional fundraising avenues for eligible issuers.