The Malaysian Prime Minister is considering enacting laws on crypto and blockchain to keep up with global trends, ensure public safety, and facilitate technological development.
Strategic Action
During his visit to Abu Dhabi, Prime Minister Datuk Seri Anwar Ibrahim discussed policy proposals with the government #UAE and exchange Binance. He shared:
“I have asked agencies like the central bank, treasury and security to look into how Malaysia can harness this technology, to ensure we are not left behind.”
The Prime Minister also stated that the UAE is ready to closely cooperate with Malaysia to develop this sector. He emphasized the view of not only approving but also wanting to expedite the implementation process.
The History of Digital Technology Exploration
Malaysia has gradually taken the lead in researching and applying blockchain technology:
• 2023: Cooperation with the Bank for International Settlements (#BIS ) and other central banks to test cross-border payments using central bank digital currency (CBDC).
• 2022: Announcement of the plan to build national blockchain infrastructure.
However, Malaysia is also strict with unlawful activities. The government has requested:
• Binance ceased operations in Malaysia in 2021.
• Huobi Global stopped operations in 2023.
The Importance of the Law
Prime Minister Anwar emphasized that building a legal framework is necessary to:
• Protect the interests of the people.
• Prevent financial risks and capital loss.
• Create opportunities for Malaysia to maintain its position in the blockchain and cryptocurrency sectors.
Conclusion
If approved, the new law will not only advance Malaysia in the digital technology race but also create a more transparent and safer environment for citizens and investors.
Risk warning: Crypto and blockchain are complex fields, containing many opportunities but also pose significant risks. Investors should thoroughly research before participating. #anhbacong