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Malaysia May Introduce Crypto and Blockchain Legislation to Regulate the Sector
Malaysian Prime Minister Datuk Seri Anwar Ibrahim has expressed his intention to introduce crypto and blockchain legislation to regulate the sector and keep pace with other jurisdictions.
PM’s Proposal
According to the New Straits Times, Anwar proposed that government agencies, including security, treasury, and Bank Negara, study how Malaysia can explore the use of crypto and blockchain technology to ensure it is not left behind.
He emphasized the importance of regulating the sector to safeguard the people’s interests and prevent leakages.
Meeting with UAE Leaders and Crypto Exchange Binance
During his visit to Abu Dhabi, Anwar met with UAE leaders and representatives from the crypto exchange Binance to discuss policy proposals.
The UAE leaders reportedly expressed their willingness to forge a close cooperation with Malaysia on this issue, with Anwar stating that he is leaning towards not just approving but also expediting the proposed legislation.
Malaysia’s Previous Efforts in Digital Technologies
Malaysia has previously explored digital technologies, including a study conducted with the Bank for International Settlements and other central banks in 2023, which found that cross-border central bank digital currency payments are viable.
In 2022, the country announced its plans to create a national blockchain infrastructure.
Past Actions against Illegally Operating Crypto Companies
Malaysia has also taken action against crypto companies operating illegally within its borders, including ordering Binance to halt its operations in the country in 2021 and Huobi Global in 2023.
Conclusion
In conclusion, Malaysia’s Prime Minister Datuk Seri Anwar Ibrahim has expressed his intention to introduce crypto and blockchain legislation to regulate the sector and keep pace with other jurisdictions. This move is seen as a step towards ensuring the sector is regulated and safeguarding the people’s interests.
FAQs
Q: What is the purpose of introducing crypto and blockchain legislation in Malaysia?
A: The purpose is to regulate the sector and keep pace with other jurisdictions, ensuring the sector is regulated and safeguarding the people’s interests.
Q: Who has Anwar met with regarding policy proposals?
A: Anwar has met with UAE leaders and representatives from the crypto exchange Binance to discuss policy proposals.
Q: What were the results of the 2023 study on cross-border central bank digital currency payments?
A: The study found that cross-border central bank digital currency payments are viable.
Q: What was Malaysia’s plan for creating a national blockchain infrastructure?
A: Malaysia announced its plans to create a national blockchain infrastructure in 2022.
