Malaysia is on the brink of introducing legislation for cryptocurrencies and blockchain technology. Prime Minister Datuk Seri Anwar Ibrahim has been pushing for this since several months ago, aiming to keep the country competitive. A study in 2023 with the Bank for International Settlements and other central banks found that 70% of central banks believe cross-border central bank digital currency (CBDC) payments are viable. Malaysia has also reprimanded crypto companies for operating illegally, ordering Binance to halt its operations in 2021 and Huobi Global in 2023. The Prime Minister has engaged with Abu Dhabi’s government and crypto exchange Binance on policy proposals, indicating a potential for close cooperation. This move could safeguard the interests of the people and prevent financial leakages.
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