Malaysia’s PM Pushes for Crypto and Blockchain Policies After Talks with Binance’s CZ and UAE Leaders
Malaysian Prime Minister Anwar Ibrahim has announced plans to develop policies for cryptocurrency and blockchain technology following discussions with former Binance CEO Changpeng “CZ” Zhao and Abu Dhabi officials.
According to the New Straits Times, Ibrahim returned from a three-day visit to Abu Dhabi with a renewed focus on digital transformation. He emphasized the need for Malaysia to keep pace with advancements in crypto, artificial intelligence, and data centers to remain competitive on the global stage.
“We must be proactive, not wait until we are forced to act,” Ibrahim stated, underscoring the urgency of regulatory frameworks to protect investors and prevent financial risks. He has directed key government agencies—including the Treasury, Securities Commission, and Bank Negara—to assess the impact of crypto and blockchain developments.
Ibrahim intends to present a policy paper for cabinet review, aiming to establish clear regulations while fostering innovation. He also expressed interest in collaborating with the UAE, which has positioned itself as a leader in the digital asset space.
“They see potential for strong cooperation with Malaysia on this issue. We must move beyond outdated business models and embrace digital finance,” he said.
Southeast Asian nations, including Thailand and Singapore, have taken similar steps to build crypto-friendly regulatory environments. Malaysia’s move comes as global governments, including the incoming U.S. administration, signal increasing support for the industry.
The push for regulatory clarity follows Malaysia’s crackdown on unlicensed crypto platforms. In December, the Securities Commission shut down Bybit for operating without approval, suspending its website and ordering a halt to its services in the country.
Ibrahim stressed the need for proper training and industry participation to ensure Malaysia’s financial sector can adapt to these emerging technologies. “There will always be concerns with new innovations, but we must develop the necessary skills and expertise to navigate this space,” he said.
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