Malaysia works with a new regulation for digital finance to keep up with their peers in digital assetsHas the country’s Prime Minister Datuk Seri Anwar Ibrahim revealed.
During his last visit to Abu Dhabi, the prime minister with the media told him that he had been in conversation with the UAE government to collaborate to promote digital asset space. United Arab Emirates one of the most advanced Blockchain sectors, with the government that drives the adoption of technology in the private and public sector.
“We have talked about digital transformation, data centers and artificial intelligence (AI). We are now facing requirements that require us to make significant changes, ”Ibrahim abandoned.
Like most of its Neighbors in Southeast AsiaMalaysia has registered high adoption of digital access in recent years. However, its securities regulator has been strict with VASPs and ordered some high -profile operators to switch off to function without a license. The latest was by bite In December 2024, which SC claimed, had offered unlicensed services for several years. It also added the Atomic wallet to its investor’s warning list to “drive a digital exchange exchange without registration.” 2021, sc prohibited Binance for similar violations.
PM Ibrahim wants the country to regulate the sector better and reveals that he instructed the Treasury and the Central Bank to study digital assets “so we are not there.” Balanced regulation will protect investors and prevent “leakage,” he added.
“However, this innovation is just like AI, which would rebuild the financial world. We should not sit free and wait and later be forced to do so after others have already done so, ”he said.
The Prime Minister, who took office two years ago, further revealed that UAE government Had offered to help Malaysia with its digital asset regulation.
“We must discuss this in detail, leave the old business model and make sense to this digital fiscal policy. I hope we can be more open to this. I’m leaning towards not only approving but also speeding up, ”he said.
While recognizing the necessity of speed, Ibrahim warned that there is a need for SC, the Treasury and the Central Bank to study the sector and determine the best policy that creates a balance between investors’ protection and cracking of the whip about crime.
In addition, these agencies must “train our staff, develop competence and get the players to participate … This will be a radical deviation from the old ways.”
Watch: Reggie Middleton at Defi, Booms/Busts & Crypto Regulation
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