Malaysia’s Prime Minister, Datuk Seri Anwar Ibrahim, is focused on incorporating crypto and blockchain technology into the country’s financial systems. He is collaborating with Binance and learning from the United Arab Emirates (UAE) to establish Malaysia as a regional fintech leader.
During a recent three-day visit to Abu Dhabi, Anwar met with UAE officials and Binance co-founder Changpeng Zhao (CZ) to discuss strategies for cryptocurrency adoption. He emphasized the need for Malaysia to innovate and remain competitive, inspired by the UAE’s success as a global fintech hub.
Anwar announced that Malaysia’s Treasury, Securities Commission, and Bank Negara Malaysia will evaluate the policy framework for cryptocurrency and blockchain. The aim is to ensure effective regulation and public safety. He believes Malaysia can achieve similar success as the UAE by utilizing Binance’s expertise to advance digital finance.
“This is not just about approval but expediting transformation,” Anwar stated, advocating for a modern financial system. His plan includes developing talent, enhancing industry skills, and creating a supportive environment for digital finance.
A cabinet paper on blockchain policy is currently being developed, indicating Malaysia’s commitment to aligning with global digital finance trends. This initiative is expected to stimulate economic growth and strengthen Malaysia’s position in the blockchain ecosystem.
In Malaysia, cryptocurrency is regulated by the Securities Commission (SC), which classifies digital assets as securities. While cryptocurrencies are legal, they are not recognized as official currency by the central bank. Businesses in the crypto sector must adhere to Malaysia’s income tax laws to ensure compliance with local regulations.
