Malaysia is considering creating a cryptocurrency policy to modernize its financial system. This comes after discussions between Prime Minister Datuk Seri Anwar Ibrahim, Abu Dhabi leaders, and Changpeng Zhao (CZ), the founder of Binance.
Malaysia’s Prime Minister discussed about crypto regulatory framework with officials. Source: XWhat Was Discussed Behind Closed Doors?
During a three-day official visit to Abu Dhabi, Malaysia’s Prime Minister Anwar Ibrahim held detailed discussions about cryptocurrency policy regulation. He met with UAE leaders and Changpeng Zhao, the former CEO of Binance, one of the world’s largest cryptocurrency exchanges.
Anwar stressed the importance of keeping up with global financial developments. He said Malaysia needs to adopt cryptocurrency-friendly regulations.
“This is an evolution that happens quickly and requires us to be equally fast. Malaysia should not be left behind in an outdated financial system,”Anwar said.
He called the shift toward cryptocurrency a “radical departure from the old ways.”
Malaysia Feels Need for Detailed Studies and Collaboration
Anwar stated that UAE policymakers have shown interest in working with Malaysia to develop a framework for cryptocurrency regulation. He said this requires detailed discussions and abandoning outdated financial models.
Malaysian authorities needs Comprehensive crypto studies, such as the Treasury, the Securities Commission, and Bank Negara Malaysia. These studies will focus on training personnel, building expertise, and involving industry players. Anwar acknowledged that concerns about the new policy would arise but emphasized the importance of preparing Malaysia for digital finance.
Malaysia’s move toward cryptocurrency regulation follows increased scrutiny of the industry. On Dec. 27, the Securities Commission ordered Bybit, a major crypto exchange, to stop operating in Malaysia. The regulator accused Bybit of running an unregistered digital asset exchange.
Earlier, on Dec. 23, the Securities Commission added Atomic Wallet to its investor alert list. Other platforms like Paxful, KuCoin, and MEXC were also flagged for operating without proper registration. This shows Malaysia’s focus on regulating the crypto industry while protecting investors.
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