Malaysia is considering the introduction of a cryptocurrency policy following discussions between its Prime Minister, Datuk Seri Anwar Ibrahim, and leaders from Abu Dhabi, as well as Changpeng Zhao, the founder of Binance. This exploration aims to acknowledge the cryptocurrency industry and modernize Malaysia’s financial system. The Prime Minister stressed the urgency for Malaysia to adopt regulations favorable to cryptocurrencies to align with global financial trends.
During a visit to Abu Dhabi, Anwar highlighted that this initiative represents a significant shift from traditional financial practices, necessitating swift adaptation. He expressed the UAE’s willingness to collaborate with Malaysia in developing an appropriate regulatory framework. Acknowledging the need for meticulous planning, Anwar mentioned the requirement for comprehensive studies by several governmental bodies, including the Treasury and the Securities Commission.
This policy move comes amidst heightened regulatory scrutiny in Malaysia. Recently, the Securities Commission instructed the crypto exchange, Bybit, to cease operations for running an unregistered platform. The regulator has also placed Atomic Wallet on a list of banned entities, along with other prominent crypto firms, for operating without proper registration.
As the country seeks to embrace digital finance, the authorities will need to train personnel, develop relevant skills, and involve key industry players to ensure a smooth transition to the new financial landscape.
