Malaysia is considering cryptocurrency and blockchain policies after discussions with the UAE government

Malaysia could soon join other countries working on policies to govern the integration of cryptocurrencies and blockchain-related technologies into their financial systems. Earlier this week, Malaysian Prime Minister Datuk Seri Anwar Ibrahim met with officials from the UAE and Binance representatives to discuss formulating a supportive policy framework for cryptocurrencies. The Malaysian Prime Minister was attending Abu Dhabi Sustainability Week (ADSW 2025), where he said he wanted to ensure that the interests of investors in Malaysia are protected, which can be achieved through appropriate regulations.

During the event in Abu Dhabi, the Malaysian Prime Minister also met with Changpeng Zhao, co-founder and former CEO of Binance. Both It is said Talk about steps Malaysia can take to become more familiar with Web3 technologies.

The Securities Commission Malaysia (SC) has recognized the Prime Minister’s vision for cryptocurrencies that sees Malaysia becoming a major name in the evolving digital finance ecosystem, according to a report by the Securities Commission Malaysia (SC). a report.

Datuk Mohd Faiz Azmi, chairman of the committee, said all relevant financial bodies in Malaysia should come together to accelerate the development of policies related to Web3. Azmi also reportedly noted that the Supreme Committee has been working on shaping the Web3 sector since 2019.

Cryptocurrency in Malaysia

Worldometer data shows that Malaysia’s current population is over 35 million. Citing survey data conducted by Optus, Statista Estimates 30 percent of Malaysian participants own digital assets or cryptocurrency in Q4 2023.

Although the cryptocurrency industry appears to be expanding globally, Malaysian authorities are monitoring the use of cryptocurrencies in the country.

In June 2024, the Malaysian federal agency Inland Revenue Board (IRB) issued It is said It conducted raids in multiple locations, after identifying companies that had not reported their cryptocurrency-related links.

Malaysian law enforcement authorities also did so Run Crackdowns on illegal cryptocurrency mining centers. Between 2020 and 2022, Malaysian authorities said they have since arrested 627 people for stealing electricity to run their cryptocurrency mining operations. Malaysian police also confiscated cryptocurrency mining equipment worth RM69.8 million (about Rs 125 crore) during the same period.

Cryptocurrency exchanges looking to operate in Malaysia need official approval from the Supreme Committee. The regulatory body maintains a existing Or registered market operators to ensure that investors are protected against financial risks.