PM Anwar Plans to Speed Up Crypto Approvals in Malaysia

PM Anwar plans to fast-track crypto approvals in Malaysia, learning from Binance and UAE’s experiences to boost digital finance adoption.

Malaysian Prime Minister Anwar bin Ibrahim has announced plans to accelerate the approval process for cryptocurrencies. He recently met Binance founder Zhao Changpeng and local leaders while visiting Abu Dhabi. Anwar revealed he intends to learn from Binance’s experiences and from countries like the UAE during his time in office in regards to cryptocurrency.

Anwar stressed out the need for Malaysia to change with the times as the world moves to digital finance. He also highlighted different emerging technologies such as blockchain and AI. These technologies are reshaping the financial landscape, and calling for Malaysia to move fast to be able to compete globally. Further, he stressed that waiting for others to lead would harm Malaysia. Therefore, these changes must be embraced immediately.

Malaysia to Learn from UAE, Binance for Crypto Policy Development

To move forward, Anwar has approached key agencies like the Treasury and Bank Negara Malaysia. He asked them to assess the benefits and risks of cryptocurrencies. He said the sector needed to be regulated to protect public trust and to limit potential financial risks. In addition, Anwar mentioned that Malaysia can quickly adjust its own policies by looking at how other nations, for example, the UAE, have taken on the challenges.

This journey is not so easy, there are some challenges to be faced. These challenges include how to train their personnel and how to ensure the public sector is prepared. Further, Anwar believes Malaysia’s strong ties with the UAE and Binance would guide the country through this transition. However, he stressed that Malaysia is not starting from ground zero, and as such, its development of a cryptocurrency framework could learn from the experiences of the UAE and Binance.

Anwar also added that this initiative will go through a thorough study with input from different sectors before any policy change is made. He said that, once details have been finalized, a proposal will be submitted to the Cabinet for approval. Moreover, he said that his goal is to develop a system that is innovative and secure. This system will enable Malaysia to enjoy the benefits of the quickly evolving digital finance world.