Text Analytics on Regulation of Cryptocurrency

Abstract

This paper presented the views of Malaysians regarding their perception of cryptocurrency. Data were collected through interviews with 59 existing and potential users of cryptocurrency. Text analytics through keyword extraction and content analysis on the responses from the survey were then performed. Keywords on the question related to the regulation of cryptocurrency included “Government should”, “Should regulate”, and “Money laundering”. Keywords such as “Government should”, “Should issue”, and “Regulatory regime” appeared for the question related to whether the government should develop a cryptocurrency regulatory regime. On issuing their own cryptocurrency, 49% of the respondents supported it, while 42% were against such a move. 88% of the respondents felt that the government should not ban cryptocurrency transactions. For the question related to suggestions to overcome issues associated with cryptocurrency, keywords such as “financial system”, “privacy seriously”, and “enhance financial” were reported. This paper adds to the body of knowledge on cryptocurrency by shedding light on the regulation landscape in an emerging market. In view of the increased usage of cryptocurrency, the public should be educated, and relevant bodies should establish regulations to minimise possible related illegal activities while developing a cryptocurrency-friendly regulatory regime. Keywords: cryptocurrency, text analytics, regulation, Malaysia, fintech