Malaysia could introduce crypto and blockchain legislation to regulate the sector and keep pace with other jurisdictions, Prime Minister Datuk Seri Anwar Ibrahim said during a visit to Abu Dhabi.
“I proposed several months ago how our agencies, including Security, Treasury and Bank Negara, would study how Malaysia could explore this issue so that we are not left behind,” he said. said, the New Straits Times reported on Tuesday. “Ensuring that this is regulated could safeguard the interests of the population and prevent leaks.”
Anwar said he had spoken to the Abu Dhabi government and crypto exchange Binance on policy proposals. The UAE’s leaders “believe that they can forge close cooperation with Malaysia on this issue”, he said. “I am inclined not only to approve but also to accelerate this process.”
Malaysia has already explored digital technologies. In 2023, it conducted a study with the Bank for International Settlements and other central banks that found that cross-border digital currency payments by central banks are viable. In 2022, it announced the creation of a national blockchain infrastructure.
It also chastised crypto companies for operating illegally within its borders, ordering Binance to stop operations in the country in 2021 and Huobi Global in 2023.
Two phone calls to the Prime Minister’s office went unanswered.
