Malaysia is collaborating with UAE policymakers to shape its crypto regulations.
Prime Minister Anwar highlighted plans for extensive studies by Malaysian authorities, including the Treasury, Securities Commission, and Bank Negara Malaysia.
Malaysia's push for crypto regulation comes amid increased scrutiny of unregistered cryptocurrency platforms.
The Malaysian government is working on the possibility of establishing a crypto policy with the goal of giving the industry legitimate recognition and modernizing the country’s financial system. Malaysia’s Prime Minister Datuk Seri Anwar Ibrahim recently held discussions with Binance co-founder Changpeng Zhao and UAE officials regarding the same.
The discussion centered around building a potential crypto regulatory framework for Malaysia. With Donald Trump administration taking charge and global financial developments, Anwar Ibrahim spoke about adopting crypto-friendly regulations in Malaysia. During his three-day official visit to the New Strait Times, Ibrahim said:
“I had lengthy discussions with the Abu Dhabi leadership and Changpeng Zhao, co-founder of the world’s largest cryptocurrency platform, Binance. 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. This will be a radical departure from the old ways.”
Anwar Ibrahim also stated that Malaysia is working very closely with policymakers in the United Arab Emirates (UAE) to forge close cooperation and help the country formulate its crypto regulations. The Prime Minister emphasized that once the policy implementation takes off, several Malaysian authorities including the Treasury, Securities Commission, and Bank Negara Malaysia, will conduct in-depth studies to address other concerns. He added:
“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.”
Malaysia’s Regulatory Approach to Crypto
The recent comments from Malaysian Prime Minister Datuk Seri Anwar Ibrahim seek to establish crypto-friendly regulations and come following the recent scrutiny of the crypto industry from the Malaysian securities regulator.
Last month in December, Malaysia’s Securities Commission asked one of the most popular crypto exchanges Bybit to cease operations in the country over allegations of running unregistered cryptocurrency exchanges.
The decision followed closely after the regulator added the crypto wallet service Atomic Wallet to its investor alert list on December 23, prohibiting its operation in the country. In addition to Atomic Wallet, the alert list features prominent industry players like Paxful, KuCoin, and MEXC, highlighting their operation of cryptocurrency exchanges in Malaysia without proper registration.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.