Malaysia mulls crypto policy after talks with UAE and Binance founder CZ

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The Malaysian government is reportedly exploring the possibility of establishing a cryptocurrency policy that could recognize the industry and modernize the nation’s financial system.

Malaysia’s Prime Minister, Datuk Seri Anwar Ibrahim, discussed a potential crypto regulatory framework with officials from Abu Dhabi and Changpeng “CZ” Zhao, the founder and former CEO of Binance, one of the world’s largest cryptocurrency exchanges, the New Straits Times reported Sunday.

Anwar emphasized the need for Malaysia to adopt cryptocurrency-friendly regulations to keep pace with global financial developments.

A “radical departure from the old ways”

“I had lengthy discussions with the Abu Dhabi leadership and Changpeng Zhao, co-founder of the world’s largest cryptocurrency platform, Binance,” Anwar reportedly told the NST at the end of his three-day official visit to Abu Dhabi.

“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,” he said, adding:

“This will be a radical departure from the old ways.”

Policy changes would require comprehensive gov’t studies

Anwar said policymakers in the United Arab Emirates feel they can forge close cooperation with Malaysia to help the country formulate its crypto-regulating approach.

“We need to discuss this in detail, leave behind the old business model and give meaning to this digital finance policy,” he said.

Once the policy takes off, further comprehensive studies from several Malaysian authorities, including the Treasury, the Securities Commission and Bank Negara Malaysia, would be required to address concerns, Anwar added.

“As with all new ideas raised, there will be some concerns. We have to train our personnel, develop competency, and get the players to participate.”

Recent industry scrutiny from Malaysia’s securities regulator

Anwar’s call to establish crypto-friendly regulation in Malaysia follows recent industry scrutiny from the country’s securities regulator.

On Dec. 27, Malaysia’s Securities Commission ordered major crypto exchange Bybit to cease operations in the country, accusing it of running an unregistered digital asset exchange.

The move came shortly after the same regulator added the crypto wallet service Atomic Wallet to its investor alert list of firms that are prohibited from operating in the country on Dec. 23.

Apart from Atomic Wallet, the alert list currently includes major industry firms such as Paxful, KuCoin and MEXC, indicating that the mentioned platforms operated a crypto exchange in Malaysia without registration.

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