Malaysia’s PM wants to develop crypto and blockchain policies after meeting with CZ and UAE leaders

Malaysian Prime Minister Anwar Ibrahim said he wanted to explore policies towards crypto and blockchain technology after meeting with Binance co-founder CZ and the Abu Dhabi government.

Ibrahim returned to Malaysia after a three-day visit to Abu Dhabi, planning to start developing policies regarding cryptocurrency and blockchain technology to ensure the country is not left behind, New Straits Times media outlet reported.

Speaking to reporters, the Prime Minister said he had long discussions with the Abu Dhabi government and former Binance CEO Changpeng “CZ” Zhao about crypto and blockchain technology.

“We talked about digital transformation, data centers and artificial intelligence. We are now faced with demands that require us to consider making significant changes,” Ibrahim said.

He claimed to have requested government agencies such as the Treasury, Securities Commission and national bank Bank Negara to study how Malaysia can keep up with rapid developments in the crypto industry.

Ibrahim assured that he will prepare a draft document stating that crypto and blockchain technology policies should be submitted for review and approval by the cabinet as soon as possible. He emphasized the importance of regulating crypto in order to “protect the public’s interests and prevent leaks.”

“This innovation is just like artificial intelligence that will renew the financial world. “We shouldn’t sit idly by and wait and then be forced to do it after others have done it,” he said.

Other Southeast Asian countries such as Thailand and Singapore have taken a similar approach to developing their own crypto hubs, following in the footsteps of America’s new administration.

Ibrahim also wants to work with the United Arab Emirates and take notes from them on how to create and enforce regulations for the rapidly growing digital asset sector.

“They (UAE leaders) think they can establish close cooperation with Malaysia on this issue. “We need to discuss this in detail and leave the old business model behind and give meaning to this digital finance policy,” Ibrahim said.

He hopes that the Malaysian government can be more open-minded about new developments and challenges emerging in the form of the crypto industry.

“As with any new idea put forward, there will be some concerns. We must train our staff, develop their competencies and ensure players’ participation,” said Ibrahim.

Last December, the Malaysian Securities Commission shut down crypto exchange Bybit for operating without a licence. Authorities suspended the exchange’s website and mobile app, ordering the exchange to stop all advertising to Malaysian investors and shut down its Telegram channel.