Anwar Wants Malaysia Moving Quickly Into The Digital Age

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While Anwar Ibrahim’s enthusiasm for blockchain and cryptocurrency has yet to match that of Donald Trump, steps are already under way to facilitate greater adoption of the technology in Malaysia.
In fact, a policy paper on it will be presented to the cabinet in the near future.
During an official visit to Abu Dhabi earlier this month, the prime minister said he had even held “lengthy discussions” with the emirates’ leadership and Changpeng Zhao, co-founder of the world’s largest cryptocurrency platform Binance.
Anwar, who also serves as finance minister, said Malaysia must embark on a digital transformation within its economic and financial sectors, prioritising areas such as blockchain and cryptocurrency to remain at the forefront of the digital age.
“This is an evolution that happens quickly and requires us to be equally fast. We feel that Malaysia should not be left behind while mired in an old financial system,” he said.
Asked when this policy could be implemented, he said it would require comprehensive studies by the Treasury, the Securities Commission (SC) and Bank Negara Malaysia (BNM).
The SC has been relatively forward thinking with respect to blockchain and cryptocurrency.
For instance, it has issued guidelines and various related licences in the recent past covering digital asset exchange operators (i.e. Luno), initial exchange offering operators and digital asset custodians.
The SC regulates digital assets in Malaysia through the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019.
This enables the commission to put in place guidelines to regulate the offering and trading of digital assets.
In a statement last week, the SC said Anwar’s initiative is in line with its key priorities to position Malaysia as a key player in the global digital finance landscape, complementing the nation’s digital transformation agenda.
“We are ready to work with all relevant agencies, including BNM, to further develop Malaysia as an innovative and responsible digital finance hub,” SC chairman Faiz Azmi said.
BNM has been involved in Singapore-led pilot projects including digital currencies, but this has been limited to government-to-government wholesale central bank digital currencies use cases.
With the public’s interest and responsible innovation in mind, Anwar’s government has put forward these financial innovation ambitions.
All relevant parties, including private sector players, need to work hand in hand to get the country closer to achieving these ambitions. - FMT
The views expressed are those of the writer and do not necessarily reflect those of MMKtT.

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