Malaysia’s Prime Minister, Anwar Ibrahim, has announced plans to develop policies for cryptocurrency and blockchain technology following a meeting with Binance co-founder CZ and the Abu Dhabi government. This move is seen as a significant step towards embracing the rapidly growing digital asset industry in Malaysia.

Developing a Regulatory Framework

During a three-day visit to Abu Dhabi, Ibrahim held discussions with the Abu Dhabi government and CZ about the potential of crypto and blockchain technology. He emphasized the need for Malaysia to keep pace with the developments in the crypto industry and avoid being left behind.

“We have talked about digital transformation, data centres and artificial intelligence. We now face demands which require us to think about making significant changes.”

Ibrahim has requested government agencies, including the Treasury, the Securities Commission, and the national bank, Bank Negara, to study how Malaysia can develop a regulatory framework for the crypto industry. He aims to present a paper on the need for crypto and blockchain technology policies to the cabinet for review and endorsement.

Importance of Regulations

The Prime Minister stressed the importance of regulations for crypto in order to “safeguard the people’s interests and prevent leakages.” He compared the innovation of crypto to artificial intelligence, stating that it would revamp the financial world.

“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 also expressed his desire to work with the United Arab Emirates to create and implement regulations for the digital asset industry. He hopes that the Malaysian government can be more open-minded about the new developments and challenges presented by the crypto industry.

Some of the key takeaways from Ibrahim’s plans include:

  • Developing a regulatory framework for the crypto industry
  • Studying the potential of crypto and blockchain technology
  • Implementing regulations to safeguard the people’s interests and prevent leakages
  • Working with the United Arab Emirates to create and implement regulations

Other Southeast Asian countries, such as Thailand and Singapore, have also adopted a similar approach to develop their own crypto hubs. As the digital asset industry continues to grow, it will be interesting to see how Malaysia’s regulatory framework evolves.

For more news on cryptocurrency and blockchain technology, visit Global Crypto News.

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