Prime Minister Anwar Ibrahim says that he had discussions with the Abu Dhabi government and Binance CEO, Changpeng Zhao, regarding policies that could see cryptocurrency and blockchain technology becoming fully recognised in Malaysia.
“I had lengthy discussions with the Abu Dhabi leadership and Changpeng Zhao, co-founder of the world’s largest cryptocurrency platform Binance,” said the Prime Minister. “We have talked about digital transformation, data centres and artificial intelligence (AI). We now face demands which require us to think about making significant changes.”
“I proposed several months ago how our agencies, including security, treasury and Bank Negara study how Malaysia can explore this so we aren’t left behind. Ensuring that is regulated could safeguard the people’s interests and prevent leakages,” he further said with regards to blockchain technology in Malaysia.
Cryptocurrency in Malaysia is still a fairly volatile subject in Malaysia, and Luno is one of three Digital Asset Exchange (DAX) allowed to operate in the country. Ironically, Binance is still not allowed to operate in the country, after the Securities Commission (SC) Malaysia found that it was not registered as a Recognised Market Operator (RMO).
Anwar said that a paper on the issue would be drafted and presented to the cabinet soon, with the hopes of endorsement happening as soon as possible. “This is an evolution which happens quickly and requires us to be equally fast. We feel that Malaysia should not be left behind while mired in an old financial system.”
