Malaysia is looking at cryptocurrency rules after its prime minister met with Changpeng Zhao, the founder of Binance, and officials of Abu Dhabi.
According to reports, the Malaysian government is considering enacting a cryptocurrency policy that would acknowledge the sector and update the country’s financial system.
The New Straits Times said Sunday that Changpeng “CZ” Zhao, the founder and former CEO of Binance, one of the biggest cryptocurrency exchanges in the world, and the prime minister, Datuk Seri Anwar Ibrahim, spoke about a possible crypto regulatory framework.
Anwar underlined that Malaysia must implement policies that are beneficial to cryptocurrencies to keep up with advances in the global financial industry.
An “extreme divergence from the traditional methods.”
After his three-day official tour to Abu Dhabi, Anwar allegedly told the NST, “I had lengthy discussions with the Abu Dhabi leadership and Changpeng Zhao, co-founder of the world’s largest cryptocurrency platform, Binance.”
Because of the rapidity of this evolution, we must also be quick. He added, “We believe Malaysia shouldn’t be left behind while stuck in an outdated financial system.”
“This will be a radical departure from the old ways.”
Comprehensive government research would be necessary for policy adjustments.
According to Anwar, politicians in the United Arab Emirates believe they can work closely with Malaysia to assist the nation in developing its crypto-regulation strategy.
“We must have a thorough conversation about this, abandon the outdated business model, and give this digital finance policy purpose,” he stated.
Anwar noted that further thorough research from several authorities, such as the Securities Commission, the Treasury, and Bank Negara Malaysia, will be necessary to resolve issues after the policy goes into effect.
“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.”
Malaysia’s securities regulator has recently examined the industry.
Following a recent industry investigation by the nation’s securities regulator, Anwar called for the establishment of crypto-friendly regulations in Malaysia.
Major cryptocurrency exchange Bybit was ordered to stop operations in Malaysia by the Securities Commission on December 27 after it was accused of operating an unlicensed digital asset exchange.
The action followed the same regulator’s December 23 addition of Atomic Wallet, a cryptocurrency wallet service, on its investor alert list of companies banned from doing business nationwide.
Major industry companies like Paxful, KuCoin, and MEXC are on the alert list in addition to Atomic Wallet, indicating that the platforms above ran an unregistered cryptocurrency exchange in Malaysia.
