A study on factors that lead to adoption of cryptocurrency in Malaysia / Jaida Najihah Jamidin, Luqman Alhakim Rozaimi and Muhammad Firdaus Mohd Radi

Cryptocurrency is a type of digital currency secured through cryptography which is the practice of writing or solving codes to ensure security. It operates on a decentralised blockchain technology. Adopting cryptocurrency may help people face inflation, recession, and economic problems. However, the adoption of cryptocurrency in Malaysia is still in its early adopter phase. Therefore, this study was constructed to investigate the factors that contribute significantly to the adoption of cryptocurrency in Malaysia and to obtain the best logistic model for adopting cryptocurrency. Logistic regression was handled with the independent variable age, gender, location of living, awareness of cryptocurrency, monthly income and attitude towards cryptocurrency which the dependent variable has two outcomes (1=Adopt Cryptocurrency, 0=Not Adopt Cryptocurrency). This study was carried out on people who live in Malaysia. The result of this study revealed that variable gender, awareness of cryptocurrency, monthly income and attitude towards cryptocurrency contribute significantly to the adoption of cryptocurrency in Malaysia. Policymakers, such as the Securities Commission Malaysia and Bank Negara Malaysia, must take the initiative to develop thorough laws and regulations pertaining to the future use of cryptocurrencies. With the growing awareness and ownership of cryptocurrencies, it is imperative to establish a well-defined legal framework to guarantee stability, security, and equitable practices in the digital asset ecosystem.