Sunday, September 24, 2023
HomeUpcoming NFTMalaysian comms official calls the state to legalize crypto and NFTs

Malaysian comms official calls the state to legalize crypto and NFTs

Malaysia’s Ministry of Communications and Multimedia (KKMM) is reported to support the adoption of cryptocurrencies, and the Deputy Minister is calling on the government to legalize cryptocurrencies.

Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin has urged Malaysian regulators to legalize certain uses of cryptocurrencies and non-fungible tokens (NFTs). Local news agency Harian Metro report on Monday.

Zahidi pointed out that as the cryptocurrency industry is becoming more and more popular among the younger generation, such measures will greatly support young people. He also said KKMM is looking for ways to increase youth participation in the industry.

The Deputy Minister said the decision on cryptographic regulation was left to Malaysian financial regulators, including the Central Bank and the Malaysian Securities and Exchange Surveillance Commission.

However, the crypto industry is “a future business and financial program, especially for young people today,” so the ministry is happy to raise this issue, Zahidi added.

“We hope that the government will be able to legalize this issue, increase youth participation in cryptocurrencies, and help youth in terms of energy consumption and more.”

According to some sources, Zahidi has proposed not only to legalize certain cryptocurrency transactions in Malaysia, but also to adopt cryptocurrencies as fiat currencies.

KKMM officials did not immediately respond to Cointelegraph’s request for comment. This article will be updated until new information becomes available.

In early March, Malaysia’s Finance Minister Teng Datuk Seri Zafrul Tengku Abdul Aziz repetition Payment in cryptocurrencies like Bitcoin (BTC) And Ether (ETH) It was illegal in the country because cryptocurrencies do not meet the universal characteristics of money.

Related: Binance in Malaysia with Strategic Investment in Regulated Digital Exchanges

“In general, digital assets are neither a good storage place of value nor a medium of exchange. This is because digital assets are subject to volatile price fluctuations due to speculative investment, risk of theft due to cyber threats, and scalability. It’s due to the fact that it’s vulnerable to lack, “he said.

The minister added that Central Bank of Malaysia is potentially working Introduction of central bank digital currency Blockchain-related development to respond to the growth trend of the digital asset industry.