Decoding cryptocurrency adoption intentions in Malaysia: a trust driven TAM model with financial literacy as a moderator

Chen, Chloe (2025) Decoding cryptocurrency adoption intentions in Malaysia: a trust driven TAM model with financial literacy as a moderator. Final Year Project, UTAR.

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Abstract

This study explores the adoption intentions of cryptocurrency for young adults in Malaysia, considering both the financial and psychological aspects in adopting cryptocurrency. This study focuses on using the Technology Acceptance Model (TAM), representing the psychological factors, while employing external factors like perceived risk, perceived security and perceived trust, along with financial literacy as the moderating variable. The research was conducted through distributing questionnaires using Google Forms to a total target audience of 315. For this study, Partial Least Square Structural Equation Modelling (PLS-SEM) is the statistical method used to analyse the data, while using SmartPLS as the supporting software. Results in this research concluded that Perceived Risk, Perceived Trust, Perceived Security and Financial Literacy were only partially supported by the model. Perceived Ease of use has significance in the behavioural intention to adopt, while Perceived Usefulness does not. These results tell us that the main driver for cryptocurrency adoption is behavioural intention and perceived ease of use, while perceived usefulness is not as significant. This study helps understand the factors that pushes cryptocurrency adoption rate in Malaysia. Insights from this study could be beneficial to policymakers and financial institutions to improve the cryptocurrency adoption rate in Malaysia, aiming to push our technological and financial development one step further. Developers could also develop applications that are more user-friendly where clear instructions are essential to enhance simplicity, increasing the overall adoption rate in Malaysia, especially towards younger generations.

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