Key Takeaways
- Malaysia’s PM discussed establishing crypto regulatory frameworks with Binance and UAE officials.
- The initiative aims to modernize Malaysia’s financial system and involves comprehensive studies by authorities.
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Malaysia’s Prime Minister Datuk Seri Anwar Ibrahim recently met with Binance founder Changpeng Zhao and UAE officials to discuss potential crypto regulatory frameworks, the New Straits Times reported Tuesday.
The discussions, which took place during Anwar’s three-day official visit to Abu Dhabi, centered on establishing policies that could recognize the crypto industry and modernize Malaysia’s financial system.
“I had lengthy discussions with the Abu Dhabi leadership and Changpeng Zhao, co-founder of the world’s largest cryptocurrency platform, Binance,” Anwar said, adding that he has urged the central bank and Treasury to study digital finance to avoid being left behind and protect the public interest.
“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,” the PM noted.
The PM stated that the initiative would mark “a radical departure from the old ways.” UAE policymakers expressed willingness to collaborate with Malaysia in developing its crypto regulatory approach.
“We need to discuss this in detail, leave behind the old business model and give meaning to this digital finance policy,” Anwar stated.
Malaysian authorities, including the Treasury, Securities Commission, and Bank Negara Malaysia will conduct thorough studies before any policy implementation, according to the PM. He also noted potential concerns and the need to train personnel and develop competency in this area.
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https://cryptobriefing.com/malaysia-crypto-regulatory-framework-discussion/
