Malaysian Multimedia Ministry calls on government to formalize crypto’s legal status

The Malaysian Communications and Multimedia Ministry said it hopes the government will bring cryptocurrencies into a more formal legal framework, in order to encourage their use.

“We hope the government can allow this. We are trying to see how we can legalize this so that we can develop youth participation in crypto and assist them,” Deputy Communications and Multimedia Minister Zahidi Zainul Abidin said in parliament today, according to Bloomberg.

Zahidi was replying to a question about the government’s stance on NFT marketplaces. He added that crypto regulation is the responsibility of Malaysia’s central bank and the Securities Commission.