It’s said that the Malaysian government is considering creating a new set of rules for cryptocurrencies, which might acknowledge the industry and bring updates to their country’s banking structure.
Malaysia’s Prime Minister, Datuk Seri Anwar Ibrahim, had talks about establishing a regulatory framework for cryptocurrencies with representatives from Abu Dhabi and Changpeng “CZ” Zhao, founder and former CEO of Binance, one of the world’s biggest crypto exchanges. According to the New Straits Times, this was reported on Sunday.
Anwar underscored the importance of Malaysia adopting regulations that are welcoming towards cryptocurrencies, so as not to fall behind in the advancements happening globally within the financial sector.
A “radical departure from the old ways”
During his recent trip to Abu Dhabi, Anwar stated that he held extensive talks with the local leadership and Changpeng Zhao, who is a co-founder of the world’s leading cryptocurrency platform, Binance, according to reports to the NST upon completion of his three-day official visit.
This development calls for swift action, as we need to keep pace with it. It’s our belief that Malaysia shouldn’t lag behind while stuck in outdated financial structures,” he remarked, further stating…
“This will be a radical departure from the old ways.”
Policy changes would require comprehensive gov’t studies
Anwar mentioned that policymakers in the United Arab Emirates believe they could develop strong partnerships with Malaysia, aiding Malaysia in shaping its regulatory strategy for cryptocurrencies.
He suggested we delve deeper into this topic, abandon our previous approach with traditional finance, and instead, provide relevance to our new digital financial strategy.”
Or, more informally:
“He thought we should take a closer look at it, drop the old ways of doing things in finance, and make sense of our updated digital monetary policy.
After the implementation of this policy, detailed investigations by various Malaysian entities such as the Treasury, the Securities Commission, and Bank Negara Malaysia will become necessary to address any potential issues, according to Anwar.
“As with all new ideas raised, there will be some concerns. We have to train our personnel, develop competency, and get the players to participate.”
Recent industry scrutiny from Malaysia’s securities regulator
Anwar’s proposal for cryptocurrency-compatible regulations in Malaysia stems from recent examination of the industry by the nation’s securities regulatory body.
On December 27th, Malaysia’s Securities Commission directed the significant cryptocurrency trading platform Bybit to halt its activities within the nation, alleging that it was operating an unlicensed digital assets exchange.
The action was taken just following the addition of the cryptocurrency wallet service, Atomic Wallet, to the list of companies not allowed to operate within the nation by the same regulatory body on December 23rd.
Besides Atomic Wallet, there are several significant companies on the warning list, including Paxful, KuCoin, and MEXC. This suggests that these particular platforms have been carrying out cryptocurrency exchange activities in Malaysia without proper registration.
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2025-01-15 14:49