Malaysia may introduce cryptocurrency and blockchain legislation to regulate the sector and keep up with other jurisdictions, Prime Minister Datuk Seri Anwar Ibrahim said during a visit to Abu Dhabi.
“Several months ago I proposed how our agencies, including security, Treasury and Bank Negara, study how Malaysia can explore this so as not to be left behind,” he said, the New Straits Times reported on Tuesday. “Ensuring it is regulated could safeguard people’s interests and prevent leakages.”
Anwar said he had spoken to the Abu Dhabi government and cryptocurrency exchange Binance about policy proposals. UAE leaders “feel they can forge close cooperation with Malaysia on this issue,” he said. “I’m inclined not only to approve it but also to accelerate it.”
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 payments in central bank digital currency are viable. In 2022, he said he was creating a national blockchain infrastructure.
It has also reprimanded crypto companies for operating illegally within its borders, ordering Binance to stop operations in the country in 2021 and Huobi Global in 2023.
Two phone calls to the Prime Minister’s office were not answered.
