Tuesday, December 1

KPDNHEP to establish valuation process for digital assets


Chong delivering his welcoming remarks at the opening of the one-day e-commerce workshop.

KUCHING: Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) is in the process of establishing a valuation process for digital assets.

Its Deputy Minister Chong Chieng Jen said there is current yet to be a standardised valuation process for digital assets in Malaysia or in the ASEAN region.

“But for as long as it generates income and money, it is an asset. My ministry is looking into it in collaborating with other ASEAN countries,” he said when met by journalists after opening a one-day e-commerce workshop held at the i-CATS campus here today.

Chong pointed out that the valuation process must be acceptable in not just Malaysia but also in other countries in order for those digital assets to carry value in money.

With the valuation process established, he said the ministry can then proceed with capitalisation of digital assets.

According to him, the value of digital assets depends on how they are used by big data companies to generate income.

“With that, they can put a valuation. We have to come up with the system for valuation and capitalisation for digital assets,” he said.