In late 2018, Malaysia announced their plans to begin enacting regulation of cryptocurrencies such as Bitcoin, Ripple, and Ethereum. This most recent announcement comes as part of Malaysia’s ongoing project to regulate domestically-based cryptocurrency and to weave them into the economy, hoping to gain a foothold of control over the relatively new currency.
With the international and online nature of cryptocurrencies, as well as the somewhat unstable future they already have, plans and attempts to add regulation will have profound alterations and effects on the market.
Who Regulates What?
Under the new regulations, which went into effect January 15th, all transactions using cryptocurrency will need to be authorized, falling under the jurisdiction of the Malaysian Securities Commission.
Now branded as securities rather than as currency or assets, failure to have them authorized means that usage of them is fully illegal until such authorization is carried out. The punishment for illegal trading and usage of cryptoassets can be a decade of jail time, to say nothing of the extraordinarily expensive fines.
As one might expect, traders are the most affected by the new regulations. Those that have spent time honing skills in dealing with cryptocurrency will
still have plenty of room and time to operate. However, it will mean
that transactions take longer to occur, seeing as one needs to achieve approval from the central bank of Bank Negara Malaysia.
One can also expect this to have an effect on the value of most cryptocurrencies, especially given the recent crash of prices experienced toward the end of 2018. Seeing as the waiting period and process of achieving approval under the new regulation rules will tamper down on the rapid change the volatile currency often experiences, swift spending and investing will become more difficult.
This could be expected to have impacts on stock markets as well, with hefty effects on the Malaysian economy.
Lim Guan Eng, the Malaysian finance minister, sees a positive outlook for cryptocurrency under new regulations. Cryptocurrency and the blockchain technology used to track and catalog transactions are fully capable of bringing about true innovation across the economy and industry. As legalization was one of the largest hurdles to overcome, the crossing of it and into regulation signals great things for the currency.
Overall, it could be a revolutionary way to handle finances, including fundraising, donating, generating income, and helping the Malaysian economy in general. While the regulations might seem intense, especially when one considers the decade of incarceration an infraction can carry, they are more likely to keep things clear, clean, and concise than to draw back or hurt the popularity of the rapidly growing market of cryptocurrencies.
regulation will likely make cryptocurrency a stronger option for
everyone as it’s interwoven into the economy. Drops in prices will be
natural, but will just as soon rise again. Cryptocurrency is probable to
become just as valid of an option as traditional currency, and
regulation is more likely to be helpful in this regard than a hindrance.
‘Don’t judge a book by its cover’ is stock advice for children, yet as noted by journalist Abel Raj, physical appearance influences perception and is vital when we want to make a positive impression. One study, published in the journal SAGE, found evidence that our initial perception of people continues to affect the way we see them, even after we interact with. First impressions count in the work context because they affect the extent to which we perceive someone as trustworthy. We can decide whether or not to pursue a business contact depending on our initial instinct, and we have very little information other than their personal appearance or the look of their office when it comes to making that call.
Your office reflects who you are
The interiors of your office should make your clients feel like they can count on your professionalism. If you are in an industry like design, advertising, or art, your interiors should be modern and sleek, with touches of sophistication. Keep clients comfortable and warm with touches such as modern lighting and heating, replacing furniture such as rustic chimneys with cutting-edge double-glass fireplaces and standard lamps with sophisticated pendant lights. Color is also key; your interiors should be in sync with your logo, communications style, and website. Find your inspiration in top Malaysian companies like Time Dotcom, whose hip office features open workspaces, brightly hued furniture, and gorgeous lacquered reading desks. Equally cool is Shell, with its beanbag-filled ‘inspiration hub’, or Agoda with its futuristic dome-covered meeting spots. These companies’ respective design choices may differ but what they all have in common is an impactful way of saying exactly what they stand for through their visionary interiors.
Professional business attire is key
A fascinating article by Hugh Ujhazy highlighted the vibrant nature of business attire in Malaysia. Multiculturalism is the key, he says, to subtle differences that mark one’s individuality. Even if a business suit is called for, there are ways to express your individuality and innovation. Think a pair of designer cufflinks, a herringbone business jacket, or a slim-fitting suit in an unexpected hue such as a lighter shade of maroon. Loafers, vivid ties, and a French designer briefcase look serious yet cutting-edge. This freedom is a welcome relief indeed for those who wish to present their best self without skimping on sartorial flair or personality.
A good smile is key
Being able to smile confidently is key at networking and social events, but also at business meetings. Research has found that issues such as tooth shade and missing teeth can significantly impact the first impression other people have of us. Attractive smiles, meanwhile, are related to positive personality traits such as warmth, calmness, extroversion, and low anxiety. If dental issues have been bothering you, there are many quick solutions such as four-in-one implants and other options that may cost less than you think.
Using the right body language
Body language – the non-verbal cues you use to communicate with others – should be a priority when doing business. Looking business associates straight in the eye, greeting them with a firm handshake, and avoiding blocking body language (such as arm crossing) are key. Body language is half of all communication so use it to your advantage. Mirror the position of an important colleague, deliver your messages with a kind expression, and avoid leaning your chin on your hands when someone is speaking – it shows a lack of interest.
Your office, dress sense, and smile should be considered investments in your business career. Finely tuning each will not only impress clients but also give you a boost of confidence. In an ideal world all that matters would be ‘what lies beneath the surface’, but why not step into one that is vibrant, dynamic, and inviting, every day of your working life?