The regulatory authority has asked the government to consider bringing in cryptocurrencies and non-fungible tokens (NFTs) into the financial sector.
Based on the report by Bloomberg, Malaysia’s Ministry of Communications and Multimedia has expressed its interest in legalizing cryptocurrencies and NFTs to financially support the younger generation, and educate them on the potential future of finance.
Datuk Zahidi Zainul Abidin, who is the Deputy Minister of Communications and Multimedia, was the first to speak publicly on the matter.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
How to Get Free Crypto? (Explained with Animations)
However, he urged other regulatory authorities like the Malaysian Securities Commission to get involved in making proper provisions to regulate and legalize cryptocurrencies. Abidin added:
"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."
With the blessing of the local regulatory figures and financial institutions, the government will most likely be providing more leeway for blockchain technologies and digital asset transactions. Especially with other Southeast Asian countries like Singapore, the Philippines, and Thailand accelerating the adoption of digital finance.
In fact, Singapore is constantly being named the "global crypto hub" with the influx of fintech investments, and a relatively free and investor-friendly digital asset market.
Back in February, business advisory service firm KPMG posted a report regarding FinTech investments in Singapore from 2021. The paper concluded that Singapore’s crypto firms managed to rake in approximately $4 billion from investments, and reached a 5-year high record.