The trading in cryptocurrency is highly regulated by the Securities Commission in Malaysia, however there are active traders in this volatile but interesting investment product by approves Digital Asset Exchanges. To support this sector and bring advanced solution to the trading of the currency, MyEG is introducing a decentralised finance (“DeFi”) service leveraging on the power of blockchain technology.
MYEG which is well known for its online services, will offer its DeFi products to users of Digital Asset Exchanges licensed as Recognised Market Operators in Malaysia and abroad. DAXs operate platforms for the trading of various cryptocurrency assets, including Bitcoin and Ethereum. The new service will enable holders of cryptocurrencies to enter into smart contracts for the purposes of borrowing cryptocurrency or lending against their cryptocurrency assets.
Digital assets are continuing to gain interest locally and becoming increasingly mainstream and more widely-used, DeFi uses blockchain technology — in particular, cryptocurrencies and smart contracts – to enable the provision and settlement of transactions such as borrowing and lending without the need for conventional intermediaries.
This is new frontier for the service provider, MYEG has reiterated that it will be introducing more products and services based on blockchain technologies. Blockchain technology is especially suited to government services as it provides immutability and enables tracking and verification, thus ushering in the next generation of public service delivery
