Malaysia will soon be able to join other countries, which are developing policies that govern the integration of cryptocurrencies and blockchain-related technologies into their financial systems. Malaysian Prime Minister Datuk Seri Anwar Ibrahim met with UAE officials earlier this week and met with Binance representatives to discuss the formulation of a supportive policy framework for cryptocurrencies. . The Malaysian Prime Minister, who participated in Abu Dhabi Sustainability Week (ADSW 2025), said he wanted to ensure that the interests of investors in Malaysia are protected, which can be achieved through appropriate regulations.
During the event in Abu Dhabi, the Malaysian Prime Minister also met with Binance’s co-founder and former CEO Changpeng Zhao. The pair reportedly talked about steps that Malaysia could incorporate to make it more familiar with Web3 technology.
Malaysia’s new position on blockchain. :shoot:
The discussion is not about binance, but about the cryptocurrency industry and Malaysia, including regulations, policies, risks and cooperation between the industry and the entire country’s borders. forward! https://t.co/ppgrya0ith
– cz:ground_orange_diamond:bnb (@cz_binance) January 15, 2025
A report said the Malaysian Securities Commission (SC) has acknowledged the Prime Minister’s vision for cryptocurrencies, which sees Malaysia as a key name in the evolving digital finance ecosystem.
Committee Chairman Datuk Mohammad Faiz Azmi said all relevant financial institutions in Malaysia must come together to speed up the formulation of policies related to Web3. Azmi also reportedly noted that SC has been working hard to shape its Web3 field since 2019.
Malaysian encryption
Data from the World Table show that Malaysia currently has more than 35 million people. Statista cites Oppotus survey data, and an estimated 30% of Malaysian respondents hold digital assets or cryptocurrencies in the fourth quarter of 2023.
As the cryptocurrency industry appears to have witnessed global expansion, Malaysian authorities have been monitoring the country’s use of cryptocurrencies.
In June 2024, Malaysia’s federal agency Inland Taxation Board (IRB) reportedly conducted raids at multiple locations, identifying companies that did not report their cryptocurrency-related engagement.
Malaysian law enforcement has also cracked down on illegal crypto mining centers. Between 2020 and 2022, Malaysian authorities said it has arrested 627 people since stealing electricity to power their crypto mining operations. During the same period, Malaysian police also confiscated crypto mining equipment worth 69.8 million MYR (about 12.5 billion rupees).
Seeking crypto exchanges operating in Malaysia requires formal approval from SC. Regulators retain lists or registered market operators to ensure protection of investors’ financial risks.
