Malaysian Prime Minister wants to advance crypto and blockchain policies after meeting with leaders of Czechoslovakia and UAE

Malaysia’s Prime Minister, Anwar Ibrahim, said he wants to explore cryptocurrency and blockchain technology policies after meeting with Czechoslovakia, the co-founder of Binance, and the Abu Dhabi government.

According to A a report By New Straits Times Media, Ibrahim returned to Malaysia after a three-day visit to Abu Dhabi with plans to start developing policies related to cryptocurrencies and blockchain Technology so that the nation does not lag behind.

The Prime Minister said in a statement to reporters that he held lengthy talks with Abu Dhabi Government and former CEO of Binance Changpeng “CZ” Zhao About encryption and blockchain technology.

We talked about digital transformation, data centers and artificial intelligence. “We are now facing demands that require us to consider making big changes,” Ibrahim said.

He claimed to have asked government agencies such as the Treasury, the Securities Commission and the national bank, Bank Negara, to study how Malaysia can keep up with the rapid developments in the cryptocurrency industry.

Ibrahim confirmed that he will draft a paper on the need to submit cryptocurrency and blockchain technology policies for review and approval by the Cabinet as soon as possible. He stressed the importance of cryptocurrency regulations in order to “protect people’s interests and prevent leakages.”

“This innovation is just like artificial intelligence, which will revamp the financial world. We should not sit back and wait and then later have to do it after others have already done it.

Other Southeast Asian countries such as Thailand and Singapore have adopted a similar approach to developing their own cryptocurrency hubs, following in the footsteps of the incoming US administration, which has been vocal about its plans to form a more pro-crypto government under President-elect Trump.

Additionally, Ibrahim would like to work with and take feedback from the UAE regarding how to create and implement regulations for the fast-growing digital asset industry.

He added: “They (UAE leaders) feel that they can establish close cooperation with Malaysia on this issue. “We need to discuss this matter in detail, leave the old business model behind and give meaning to this digital finance policy,” Ibrahim said.

He hopes that the Malaysian government will be more open about the new developments and challenges presented in the form of the cryptocurrency industry.

“As with all new ideas, there will be some concerns. We have to train our people, develop their competencies, and get the players involved,” Ibrahim said.

Last December, the Malaysian Securities Commission close Crypto exchange Bybit To work without a license. The authorities suspended the stock exchange’s website and mobile phone application, ordered the stock exchange to stop all advertising to Malaysian investors and close its channel on Telegram.