Malaysia is considering the possibility of introducing regulations for cryptocurrency to modernize its financial system.
According to the New Straits Times' January 14 report, this initiative comes after discussions between Prime Minister Datuk Seri Anwar Ibrahim, officials in Abu Dhabi, and Changpeng “CZ” Zhao, the founder of Binance
Anwar highlighted the importance of keeping pace with global financial trends, stating that Malaysia should not remain stuck in outdated financial systems.
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During his official visit to Abu Dhabi, he said:
This is an evolution which happens quickly and requires us to be equally fast. We feel that Malaysia should not be left behind while mired in an old financial system.
Once the policy is introduced, further studies by Malaysian institutions like the Treasury, the Securities Commission, and Bank Negara Malaysia will be needed to address concerns.
Anwar emphasized that policies must be supported by trained professionals and active participation from industry players to ensure smooth implementation.
He said, "As with all new ideas raised, there will be some concerns. We have to train our personnel, develop competency, and get the players to participate".
The Prime Minister also noted that policymakers in the UAE have expressed willingness to work closely with Malaysia to help shape the country's approach to cryptocurrency.
Meanwhile, South Korean regulators recently decided to delay a decision on corporate crypto accounts. What did they say? Read the full story.
