Malaysia changes stance on cryptocurrencies and NFTs

The Malaysian government seemingly took a u-turn regarding its stance on cryptocurrencies. They are now backing the adoption of cryptocurrencies and crypto technology in the Asian country.

Cryptocurrency Regulations Worldwide

Cryptocurrencies and crypto technology have had a hard time getting the approval and acceptance of governments globally. After years of fears due to a lack of understanding and control of crypto technology, countries are beginning to allow the legal use of crypto within their borders.

Admittedly, cryptocurrencies still have a long way to go, to attain true acceptance but it is also essential to keep in mind that cryptocurrencies have never been as accepted as they are today. The journey to complete approval is still long, but there’s no denying that the crypto community has come a long way.

Countries are in different stages of crypto acceptance, and we have countries like El Salvador that have wholeheartedly embraced cryptocurrencies, crypto technology, and all it has to offer. We also have countries like the USA that recently made moves to usher in regulators’ acceptance and adoption of crypto technology.

On the other hand, countries like China care about control, so they only allow cryptocurrency and blockchain technology companies within their jurisdiction. Countries like Algeria that want nothing to do with cryptocurrencies still exist, and it’ll be interesting to see if and when they accept blockchain tech. Today’s piece will focus on how crypto regulations may change in Malaysia sooner than anticipated.

Malaysia: Asia’s next crypto hub?

Malaysia was one of the countries that failed to accept the usefulness of cryptocurrencies, especially during their early days. The minister of finance in Malaysia warned that cryptocurrencies are illegal because they failed the meet the “universal characteristics of money.”

According to a report by Harian Metro, a Malaysian news agency, Malaysia’s government now has “crypto champions” pushing for the technology’s adoption within the country. Datuk Zahidi Zainul Abidin, Malaysia’s deputy communications and multimedia minister, has urged regulators within the country to legalize specific cryptocurrency, NFT, and Web3 technology use cases.

Zahidi added that such actions would support young people – the class of people most likely to adopt crypto technology. Speaking more about his stance, Zahidi shared that the Malaysian Ministry of Communications and Multimedia (KKMM) is looking into ways in which it can improve the participation of young Malaysians in the crypto space.

After all, was said and done, the deputy minister conceded that the decision to regulate crypto and NFTs within the country lies with the Securities Commission Malaysia and the Malaysian Central Bank.

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