Malaysia may introduce crypto and blockchain legislation to regulate the sector and keep pace with other jurisdictions, Prime Minister Datuk Seri Anwar Ibrahim said during a visit to Abu Dhabi.
“I suggested several months ago how our agencies including security, finance and Bank Negara look into how Malaysia can explore this so that we are not left behind,” he said, the New Straits Times reported on Tuesday. “Making sure it’s regulated could protect people’s interests and prevent leaks.”
Anwar said he had spoken to the Abu Dhabi government and crypto exchange Binance about policy proposals. The UAE leaders “feel that they can forge close cooperation with Malaysia on this issue,” he said. “I’m inclined not just to approve, but to expedite this.”
Malaysia has explored digital technologies before. In 2023, it conducted a study with the Bank for International Settlements and other central banks that found that cross-border central bank payments in digital currency are viable. By 2022, it said it was creating a national blockchain infrastructure.
It has also reprimanded crypto companies for operating illegally within its borders, ordering Binance to stop its operations in the country in 2021 and Huobi Global in 2023.
Two phone calls to the prime minister’s office were not answered.
