#Malaysia to Regulate Cryptocurrency#
Hot Topic Overview
Overview
Malaysia is actively considering introducing cryptocurrency and blockchain legislation to regulate the industry and stay in sync with other countries. Prime Minister Anwar Ibrahim said he has communicated policy recommendations with the Abu Dhabi government and cryptocurrency exchanges like Binance, and is inclined to expedite the legislative process. Malaysia has previously explored digital technologies, including collaborating with the Bank for International Settlements to study the feasibility of cross-border central bank digital currency payments and creating a national blockchain infrastructure. However, the country has also taken steps to crack down on illegally operating cryptocurrency companies, such as ordering Binance and Huobi Global to cease operations in the country.
Ace Hot Topic Analysis
Analysis
Malaysian Prime Minister Anwar Ibrahim has said that Malaysia is considering introducing legislation for cryptocurrencies and blockchain to regulate the industry and stay in sync with other jurisdictions. Anwar shared this during policy-related exchanges with the UAE government and cryptocurrency exchange Binance during his visit to Abu Dhabi, adding that UAE leaders believe a close collaboration can be established with Malaysia on this issue. Anwar also said he has instructed relevant departments to study how Malaysia can explore this field to ensure regulations can protect people’s interests and prevent loopholes. Malaysia has previously explored digital technologies, including feasibility studies on cross-border central bank digital currency payments with the Bank for International Settlements and other central banks, and the creation of a national blockchain infrastructure. However, Malaysia has also condemned cryptocurrency companies operating illegally within its borders, and ordered Binance and Huobi Global to stop their operations in the country. Anwar’s statements indicate that Malaysia is actively seeking to regulate the cryptocurrency industry and align with international trends.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Malaysia is considering introducing cryptocurrency and blockchain legislation to regulate the industry and stay in line with other jurisdictions.
The legislation will aim to safeguard the interests of the people and prevent loopholes.
The Malaysian government is in talks with the Abu Dhabi government and cryptocurrency exchange Binance on policy recommendations.
Malaysia has previously explored digital technologies and is creating a national blockchain infrastructure.