Malaysia’s PM Promises Pro-Crypto Regulations After Talks With UAE and Binance

Malaysia’s Prime Minister, Datuk Seri Anwar Ibrahim, has revealed the proposed pro-crypto regulations to boost the country’s economy. This was following discussions with the leadership in Abu Dhabi and Binance’s co-founder, Changpeng Zhao.

Speaking to Malaysian media at the conclusion of his three-day official visit to Abu Dhabi, the Prime Minister highlighted the transformative potential of blockchain and cryptocurrency.

“This is an evolution that happens quickly and requires us to move equally fast,” he asserted. He also reaffirmed that Malaysia cannot afford to be left behind clinging to outdated financial systems.

Pro-crypto Collaboration with UAE and Binance

Anwar revealed his plans to work closely with the United Arab Emirates (UAE) and Binance to establish a strong digital finance policy.

“We told them (the UAE) that we would move on this on the condition that we work as partners to ensure that things are on track…… the UAE leaders feel strongly about forging close cooperation with us. Together, we can ensure the policy is well-designed and beneficial for all stakeholders,” Anwar noted.

In addition to the UAE, the PM also held talks with Changpeng Zhao, co-founder of the world’s largest cryptocurrency platform, Binance. He underscored that Malaysia would not start from scratch but instead leverage global best practices to accelerate its adoption of blockchain technologies.

Proactive Measures to Address Challenges

Acknowledging potential concerns, Anwar stressed the need for comprehensive groundwork. The policy formulation will involve key government bodies such as the Treasury, the Securities Commission, and Bank Negara Malaysia.

“We must train our personnel, build competencies, and engage industry players to participate effectively. While there will be challenges, we cannot allow apprehensions to hinder progress,” he said.

The PM’s vision represents a “radical departure from the old ways,” marking a notable shift from Malaysia’s traditional financial practices.

Additionally, the Prime Minister has confirmed that a detailed policy paper is in the works. When it is finished it will be presented to the cabinet for approval. Following this, a series of comprehensive studies will be conducted to smoothen the regulatory framework.