Malaysia to formulate Cryptocurrency policy! Prime Minister Anwar: Will draw on the experiences of Binance and the United Arab Emirates

According to the New Straits Times, the Malaysian government is studying the formulation of a 'digital financial policy', and ultimately hopes to allow Cryptocurrency and Blockchain technology to be recognized in Malaysia. Malaysian Prime Minister Anwar Ibrahim stated that he has had in-depth discussions with the Abu Dhabi government and the founder of Binance, Zhao Changpeng (CZ), exploring how to promote relevant concepts and striving to ensure that Malaysia does not fall behind in the digital financial revolution.

After the end of the 3-day trip to the UAE, Anwar revealed to the Malaysian media: "I had lengthy discussions with the leadership in Abu Dhabi and the co-founder of Binance, Zhao Changpeng."

We talk about digital transformation, data centers, and artificial intelligence (AI). Now, we are facing the demands of a new era, and we must seriously consider how to achieve significant changes.

A few months ago, I proposed that relevant agencies in Malaysia, including the security department, the Ministry of Finance, and the Central Bank of Malaysia, study how to explore this issue to avoid being left behind. Through effective regulation, the interests of the people will be protected, and issues such as capital outflow can be avoided.

Anhua pointed out that he will consult the cabinet on this matter. He also emphasized that the innovation of Crypto Assets and Blockchain technology is like artificial intelligence, which will reshape the traditional financial landscape.

We cannot sit and wait for death, let alone hastily catch up when other countries have already taken a commanding lead.

Taking the UAE as an example, Anwar praised the country for becoming a leader in the Blockchain and digital financial field, he said:

The leadership of the UAE believes that they can establish close cooperation with Malaysia on this issue. We need to discuss this issue in detail, abandon old business models, and give deeper meaning to digital financial policies.

Anhua believes that although Malaysia has made initial developments in the financial technology (Fintech) field, there is still room for improvement in the acceptance of new technologies.

Whenever new things emerge, we always feel a bit uneasy, which is human nature. But I hope we can embrace these changes with a more open attitude. I not only support the approval of this policy, but also hope to expedite its implementation.

An Hua revealed that this policy will not start from scratch, but will fully draw on the experience of Binance, the United Arab Emirates, and other countries. When asked when this policy will be implemented, he said that this requires a comprehensive assessment by the Ministry of Finance, the Securities and Exchange Commission, and the central bank.

An Hua finally revealed that the Malaysian government will draft relevant policy documents and submit them to the Cabinet for review, striving to promote the implementation of the policy as soon as possible.

<Malaysia to formulate Cryptocurrency policy! Prime Minister Anwar: Will draw on the experience of Binance and UAE> This article was first published in Block Client.