15th January 2025 – (Kuala Lumpur) Prime Minister Anwar Ibrahim of Malaysia has expressed his intention to explore policies surrounding cryptocurrency and blockchain technology following discussions with Binance co-founder Changpeng “CZ” Zhao and representatives from the Abu Dhabi government.
After a three-day visit to Abu Dhabi, as reported by New Straits Times, Ibrahim returned with plans to develop comprehensive policies aimed at ensuring Malaysia remains competitive in the rapidly evolving crypto landscape. He stated that his discussions encompassed digital transformation, data centres, and artificial intelligence, highlighting the need for significant changes to meet emerging demands.
Ibrahim has tasked key government agencies, including the Treasury, the Securities Commission, and Bank Negara, to investigate how Malaysia can adapt to the fast-paced developments in the cryptocurrency sector. He assured that he would draft a document outlining the necessity for regulatory frameworks on crypto and blockchain technology, which will be submitted for cabinet review and endorsement shortly.
Emphasising the importance of regulation to protect public interests and prevent financial leakages, Ibrahim remarked, “This innovation is just like AI, which would revamp the financial world. We should not sit idly by and wait and later be forced to do so after others have done it already.”
Ibrahim’s proactive stance follows a regional trend, with countries like Thailand and Singapore also advancing their own regulatory frameworks to develop crypto hubs. He expressed a desire to collaborate closely with the United Arab Emirates, leveraging their experiences to create effective regulations for the burgeoning digital asset sector.
“We need to discuss this in detail, leave behind the old business model and give meaning to this digital finance policy,” he asserted, while also acknowledging the potential concerns that may arise with new ideas. Ibrahim underlined the necessity of training personnel and encouraging industry participation to navigate the challenges presented by the evolving crypto landscape.
In a related context, the Malaysian Securities Commission recently shut down the crypto exchange Bybit for operating without a licence, suspending its website and mobile application. This incident underscores the regulatory challenges facing the industry as Malaysia seeks to establish a coherent framework for cryptocurrency activities.
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