cryptojournalist
Malaysia is exploring cryptocurrency regulations following discussions between its Prime Minister, Datuk Seri Anwar Ibrahim, Abu Dhabi officials, and Binance founder Changpeng “CZ” Zhao. The move aims to modernize Malaysia’s financial system and position the country as a global player in digital finance.
Paving the Way for Crypto Policies
Prime Minister Anwar highlighted the need for Malaysia to adopt crypto-friendly policies to stay competitive in the evolving financial landscape. During his official visit to Abu Dhabi, he emphasized the urgency of moving away from outdated financial systems, calling this shift a “radical departure from the old ways.”
Collaboration with the UAE and Binance
Anwar’s discussions with UAE leaders and CZ focused on developing a regulatory framework for cryptocurrencies. The UAE, known for its advanced crypto policies, expressed interest in collaborating with Malaysia to help shape its approach to digital finance.
The Prime Minister stressed the importance of detailed discussions and comprehensive studies involving key Malaysian authorities like the Treasury, Securities Commission, and Bank Negara Malaysia to ensure the policy addresses concerns and builds expertise.
Challenges in the Crypto Industry
Malaysia’s push for crypto regulation comes amid heightened scrutiny of the industry by its Securities Commission.
Bybit Ban: On Dec. 27, Bybit was ordered to cease operations in Malaysia for running an unregistered digital asset exchange.
Investor Alert List: The regulator also flagged Atomic Wallet and major platforms like KuCoin, Paxful, and MEXC for operating without registration.
Anwar acknowledged the need to train personnel, develop expertise, and encourage industry players to participate responsibly in the country’s crypto ecosystem.
