Malaysia eyes crypto, blockchain integration with new policy move

Malaysia is taking steps towards formalizing a policy on digital finance, with potential recognition of cryptocurrency and blockchain technology.

Prime Minister Anwar Ibrahim disclosed this forward-thinking initiative after strategic discussions with the Abu Dhabi government and Binance, a global leader in the crypto space.

In a briefing following his official visit to Abu Dhabi, Anwar highlighted Malaysia’s need to stay ahead in the digital transformation race, particularly in areas like AI and data centers. The move signals Malaysia’s intent to modernize its financial infrastructure, ensuring it isn’t left trailing behind in the rapidly evolving digital economy.

The Prime Minister shared insights from his meetings with Abu Dhabi officials and Binance co-founder Changpeng Zhao. He tasked key Malaysian agencies—including Bank Negara Malaysia, the Treasury, and national security entities—with exploring how the country could safely integrate crypto and blockchain technologies. The focus is on crafting regulations that protect the public while fostering innovation.

Anwar pointed to the UAE’s success as a leader in this sector, suggesting Malaysia could learn from their model. He emphasized the need to act swiftly, adopting digital finance strategies that break away from outdated financial frameworks.

While acknowledging that the shift could raise concerns, Anwar stressed the importance of proactive adaptation. Training and upskilling financial professionals will be critical, as will engaging with industry players to ensure a smooth transition.

A detailed proposal is in the works, aiming for cabinet approval in the near future.

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