Malaysian Prime Minister Seri Anwar Ibrahim revealed plans to adopt a policy for Digital Finance that invariably legalizes Crypto and Blockchain technology in the country.
Prime Minister Anwar revealed his plans during the Plenary Session of the Abu Dhabi Sustainability Week (ADSW) 2025 at the Abu Dhabi National Exhibition Centre.
He discussed his plans with the UAE government and Changpeng Zhao, former CEO and Co-founder of Binance, the largest crypto exchange in the industry.
“We have talked about digital transformation, data centers, and artificial intelligence (AI). We now face demands which require us to think about making significant changes.
“I had lengthy discussions with the Abu Dhabi leadership and Changpeng Zhao, co-founder of the world’s largest cryptocurrency platform Binance” Anwar said
Anwar explained that Malaysian Agencies have to come together and study the new technology to arrive at a framework for effective implementation.
“ I proposed several months ago how our agencies, including security, treasury, and Bank Negara study how Malaysia can explore this so we aren’t left behind. Ensuring that is regulated could safeguard the people’s interests and prevent leakages,” Anwar told Local media after his three-day visit.
Collaboration with the UAE
Prime Minister Anwar is hoping a collaboration with the United Arab Emirates would help fast-track Malaysia’s adoption of crypto and blockchain.
He further explained that with the help of Binance the Malaysian jurisdiction is not hoping to start from scratch in their quest.
“They (UAE leaders) feel that they can forge a close cooperation with Malaysia on this issue. We need to discuss this in detail, leave behind the old business model, and give meaning to this digital finance policy.
“We have discussed at length about fintech. But when something new comes about, we get agitated.
“I hope we can be more open to this. I am leaning towards not just approving but also expediting this, Anwar Said
Comprehensive Study by Malaysian Agencies
The proposed policy by the Malaysian Prime minister would be the product of a comprehensive study by Malaysian agencies. Anwar stated that the Treasury, the Securities Commission, and Bank Negara Malaysia would have to be involved in the policy formation.
There is also a need to train personnel and develop competency amongst them ensuring a smooth running of the sector when active.
The prime minister stated that a paper on the topic would be filed and drafted to the cabinet for endorsement.
Malaysia is a South East Asian country with an estimated population of 33.5 million. Crypto adoption by Malaysia would go a long way to improve overall adoption in the Asian continent.
