Malaysia’s Prime Minister is considering introducing cryptocurrency and blockchain legislation

Malaysia may introduce cryptocurrency and blockchain legislation to regulate the sector and keep pace with other jurisdictions, Malaysian Prime Minister Datuk Seri Anwar Ibrahim said during a visit to Abu Dhabi.

“I suggested several months ago how our agencies, including Security, Treasury and Bank Negara, would consider how Malaysia could explore this so that we are not left behind,” he said. The New Straits Times reported on Tuesday. “Ensuring they are regulated can protect people’s interests and prevent leakages.”

Anwar said he had spoken to the Abu Dhabi government and cryptocurrency exchange Binance about the policy proposals. He said that UAE leaders “feel they can establish close cooperation with Malaysia on this issue.” “I tend not only to agree, but to speed it up.”

Malaysia has explored digital technologies before. In 2023, it conducted a study with the Bank for International Settlements and other central banks that concluded this Cross-border CBDC payments are viable. In 2022, she said she is building National blockchain infrastructure.

It also reprimanded cryptocurrency companies for operating illegally within its borders, and ordered Binance to do so Stop its operations in the country In 2021 and Hobby GlobaFor in 2023.

Two phone calls to the Prime Minister’s Office were not answered.