This publication offers a comprehensive interdisciplinary examination of the challenges surrounding risk, uncertainty, and governance in the realm of cryptocurrencies. Drawing from a diverse array of fields including accounting, cybersecurity, cyber law, economics, ethics, finance, financial regulation, Shariah (Islamic) law, and technology, it presents a nuanced perspective. Setting itself apart from similar works, this book delves deeply into the various categories of cryptocurrency risks, supported by empirical research derived from surveys and stakeholder interviews. The incorporation of an Islamic viewpoint is particularly significant, given the ongoing debate surrounding the permissibility of cryptocurrencies. Some countries have imposed restrictions on cryptocurrencies for reasons beyond religious concerns, further underscoring the complexity of the issue. It is anticipated that this publication will serve to enlighten stakeholders on the inherent uncertainties and stimulate the development of effective governance strategies in the public interest.
As the third objective of the research (RO3), insights from the United Kingdoms experiences were gathered where appropriate as a reference for learning. To our knowledge, this is the first study that offers a novel comparative investigation of this kind for the subject of cryptocurrencies. Given that the cryptocurrency markets in Malaysia are still at an infancy stage, the findings of this study contribute important insights to develop a proposal that will guide policymakers, regulators, supervisory authorities and enforcement agencies in governing the disruption caused by, or the social and economic values anticipated from, cryptocurrency markets for the public interest. 2.3 Research Instruments Prior to conducting primary data collection via survey questionnaires and interviews, information was gathered from archival or secondary sources that include (but ar
id: c7b62109203c174763cc740ba8727973 - page: 8
From the information gathered, survey instruments were designed, pilot tested and refined, to collect primary data in relation to risk and governance issues of cryptocurrency markets from the perspectives of stakeholders. Expert opinions and market sentiments regarding those issues as identified from the sources prescribed were mapped to the questionnaires. Therefore, the testable propositions relating to risks in the market for cryptocurrencies that were incorporated in the survey instruments were derived from published expert opinions in the wider media. This process involved a review of over 500 expert opinions regarding cryptocurrency risks. The process started by looking up news reported in relation to perceptions about cryptocurrency risks in Malaysia. Specific keywords were used to search for news published in primary news outlets during the April 2016March 2020 period. The opinions fr
id: 5d27d04546518e574d885f8dc000184f - page: 8
These opinions have informed the development of key types or sources of risk to be adopted in the questionnaires instrument. 2 Positive opinions that highlight the strengths and potential associated with cryptocurrency markets. 3 Neutral opinions that tend to offer balanced perspectives in relation to cryptocurrency markets. Sample opinions are summarised and presented in Appendix 1. These findings provide evidence of the mixed opinions in relation to the risks and prospects of cryptoassets, which in turn justify the rationale for our research. Our analysis focuses more on the negative opinions that we have referred to inform the Priority Research 11 development of testable hypotheses and questionnaires in relation to the risks associated with cryptocurrencies. Three different sets of questionnaires were designed for three differen
id: 32e8039d66f4762eed08eaa9a8d2203b - page: 9
Accountants are considered a key stakeholder group following a study by the Organisation for Economic Co-operation and Development (OECD, 2019) that has identified accountants as influential professional advisers regarding cryptocurrency purchase. Market Participants refer to individuals in organisations that offer products and/or services relating to digital currencies and related technology. The remaining respondents are categorised as Wider Stakeholders. The data used in this study were collected through several iterations of an online survey conducted from October 2020 to March 2021. Questionnaire responses were collected from 400 stakeholders (i.e., 290 in Malaysia and 110 in the United Kingdom). Due to the comprehensive nature of the survey instrument, not all questions were necessarily answered by participants. Therefore, the sample size used in our analysis is restricted to 282 responden
id: 3b741110240dc09091d0cce65b5f70e6 - page: 9