After meeting with Binance co-founder CZ and representatives from the Abu Dhabi government, Anwar Ibrahim, Prime Minister of Malaysia, expresses interest in investigating policies regarding cryptocurrency and blockchain technology.
Based on an article from New Straits Times, Ibrahim has come back to Malaysia following a three-day trip to Abu Dhabi, intending to initiate strategies concerning cryptocurrencies and blockchain tech. This is done to ensure the country stays updated in this rapidly advancing field.
In a conversation with journalists, the Prime Minister revealed that he held extensive discussions with representatives from the Abu Dhabi administration and the ex-CEO of Binance, Changpeng “CZ” Zhao, regarding cryptocurrencies and blockchain technology.
Ibrahim mentioned our discussions on digital advancement, data centers, and AI. Now, we’re confronted with challenges that necessitate contemplating major adjustments, he explained.
He asserted that he had made appeals to various government entities like the Ministry of Finance (Treasury), the Securities Commission, and Bank Negara, our national bank, to explore ways for Malaysia to stay abreast of the fast-paced advancements in the cryptocurrency sector.
Ibrahim promised to prepare a document detailing the urgency of establishing policies regarding cryptocurrency and blockchain technology, which he plans to submit to the cabinet for consideration and approval promptly. He underscored the significance of regulating cryptocurrencies to “protect public interests and minimize potential losses.
This new development is similar to Artificial Intelligence, and it has the potential to drastically change the financial sector. It’s important that we don’t remain inactive and let others take the lead; instead, we should act now before it becomes too late.
Countries in Southeast Asia such as Thailand and Singapore are mirroring a similar strategy to establish their own digital currency centers, learning from the U.S.’s forthcoming administration’s proactive stance towards cryptocurrency, with President-elect Trump expressing supportive views.
Moreover, Ibrahim is eager to collaborate with the United Arab Emirates and learn their strategies for establishing and enforcing rules within the swiftly expanding digital asset sector.
Ibrahim stated that UAE leaders believe they can establish a strong partnership with Malaysia concerning this matter. It’s crucial we delve deeper into this topic, abandon outdated approaches, and bring substance to our digital finance policy.
He expresses a desire for the Malaysian government to demonstrate greater flexibility regarding the emerging opportunities and obstacles associated with the cryptocurrency sector.
Ibrahim stated that, just as with any novel idea, there may be some apprehensions. We need to educate our team members, build their skills, and encourage the participants to join in.
In late December, the Malaysian Securities Commission took action against the cryptocurrency trading platform Bybit, as it was discovered that the platform had been functioning without a required license. The authorities then blocked access to Bybit’s website and mobile app, instructing them to cease all promotional activities targeted at Malaysian investors and to shut down their Telegram channel.
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2025-01-15 12:51