Prime Minister of Malaysia, Anwar Ibrahim, says he wants to explore policies for crypto and blockchain technology after his meeting with Binance co-founder CZ and the Abu Dhabi government.
According to a report by media outlet New Straits Times, Ibrahim returned to Malaysia after a three-day visit to Abu Dhabi with plans to start developing policies related to cryptocurrency and blockchain technology so that the nation does not get left behind.
Speaking to reporters, the Prime Minister said he had lengthy conversations with the Abu Dhabi government and the former Binance CEO Changpeng “CZ” Zhao about crypto and blockchain technology.
“We have talked about digital transformation, data centres and artificial intelligence. We now face demands which require us to think about making significant changes,” said Ibrahim.
He claimed that he has requested government agencies such as the Treasury, the Securities Commission, and the national bank, Bank Negara, to study how Malaysia can keep up with the rapid developments of the crypto industry.
Ibrahim assured that he will draft a paper on the need for crypto and blockchain technology policies to be presented for review and endorsement by the cabinet as soon as possible. He emphasized the importance of regulations for crypto in order to “safeguard the people’s interests and prevent leakages.”
“This innovation is just like AI, which would revamp the financial world. We should not sit idly by and wait and later be forced to do so after others have done it already,” he said.
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Other Southeast Asian countries like Thailand and Singapore have adopted a similar approach to develop their own crypto hubs, following in the footsteps of America’s incoming administration, which has been vocal about its plans for a more pro-crypto government under President-elect Trump.
In addition, Ibrahim wishes to work together with the United Arab Emirates and take notes from them in terms of how to create and implement regulations for the rapidly growing digital asset industry.
“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,” said Ibrahim.
He hopes the Malaysian government can be more open minded about the new developments and challenges presented in the form of the crypto industry.
“As with all new ideas raised, there will be some concerns. We have to train our personnel, develop competency, and get the players to participate,” said Ibrahim.
Last December, the Malaysian Securities Commission shut down crypto exchange Bybit for operating without a license. The authorities suspended the exchange’s website and mobile application, ordering the exchange to halt all advertising to Malaysian investors and to close its Telegram channel.
Read more: Malaysia’s Securities Commission cracks down on Bybit for operating without registration
