Malaysia is exploring the prospect of creating a cryptocurrency policy to legitimize the industry, modernize its financial structure, and provide official recognition. Recently, the Prime Minister of Malaysia, Datuk Seri Anwar Ibrahim, met with Binance co-founder Changpeng Zhao and UAE officials to discuss this very topic.
The conversation revolved around establishing a possible cryptocurrency regulatory system for Malaysia. With the Donald Trump administration taking office and global financial changes, Anwar Ibrahim suggested implementing lenient crypto regulations in Malaysia. While he was on his three-day official trip to the New Strait Times, Ibrahim mentioned this idea.
I’ve engaged in extensive talks with the Abu Dhabi authorities and Changpeng Zhao, one of the co-founders of Binance, the world’s leading cryptocurrency platform. The pace of change in this area is swift, and so must we be. We believe it’s crucial for Malaysia not to lag behind in a traditional financial setup. This shift promises to be a significant break from our past methods.
Anwar Ibrahim further mentioned that Malaysia is actively collaborating with policymakers in the United Arab Emirates (UAE) to establish strong partnerships regarding crypto regulations. The Prime Minister underlined that once these policies are enacted, various Malaysian departments such as the Treasury, Securities Commission, and Bank Negara Malaysia, will delve deeply into addressing additional issues. He also noted:
With any novel concept comes a set of potential worries. It’s crucial that we educate our staff, build their skills, and encourage active involvement from the team members.
Malaysia’s Regulatory Approach to Crypto
The latest remarks by Malaysia’s Prime Minister, Datuk Seri Anwar Ibrahim, aim to implement accommodating policies for cryptocurrencies. These statements were made in response to the increased examination of the crypto sector by the Malaysian securities regulatory body.
Early last December, the Malaysian Securities Commission requested that one of the leading crypto trading platforms, Bybit, halt its activities within their borders due to suspicions of operating unlicensed cryptocurrency exchange services.
Following the regulator’s move on December 23, adding Atomic Wallet to its warning list for investors, the authorities decided to restrict its use within the country. Notably, Atomic Wallet joins other significant players such as Paxful, KuCoin, and MEXC, who have been operating unregistered cryptocurrency exchanges in Malaysia, causing them to be listed on the alert.
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2025-01-15 18:36