Malaysia’s Ministry of Communications called for the legalization of cryptocurrencies

With this move, the authorities plan to increase youth participation in the cryptocurrency industry

22.03.2022 - 07:30

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What’s new? Malaysian Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin has called on the authorities to promote the legalization of digital assets and develop a legal framework for their circulation within the country. This was reported by the local media, citing a speech by the deputy minister in parliament.

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What other statements have been made? Datuk Zahidi Zainul Abidin noted that the ministry will look for opportunities to help young people who want to use cryptocurrencies and NFTs.

“We hope the government will allow and legalize this so that we can increase the youth’s uptake of cryptocurrencies.”

There is no ban on cryptocurrencies in Malaysia, but the authorities do not encourage their use. In early March, Malaysian Deputy Finance Minister Il Yamani Hafez Musa stated that cryptocurrencies will not be recognized as legal tender. According to him, this decision is due to the fact that digital assets do not have the properties of a universal currency.

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