The cryptocurrency industry has in the past found favor in several South Asian countries but for Malaysia, the situation is unclear to date. As its neighbors continue to forge alliances with the crypto community to leverage opportunities that come with it Malaysia isn’t doing anything.
According to Khalid Abdul Samad Minister for Federal Territories, the state of the crypto industry is unclear since the government hasn’t come out to say where it stands. He explained more and said;
“Many people have reached out to me and asked are digital currencies Bitcoin and the likes legal in Malaysia? And my answer is it’s neither illegal nor legal. At the moment it’s unclear where we are heading concerning this industry. I’m a crypto enthusiast and have participated in the launching of Harapan Coin. However, I wasn’t appointed the minister of finance instead I’m in the federal territories docket.” Minister Samad stated the uncertainty surrounding the crypto industry in Kuala Lumpur during a charity event in the city. Information is as reported on local news outlet Malay Mail.
Minister Samad Pushed For the Adoption of Crypto
As a crypto enthusiast, Samad tried his best to push for the country to adopt digital currency and explore the opportunities that come with it, but his efforts didn’t bore any fruits. He even approached the Bank of Negara together with Dr. Mahathir Mohamad Malaysian Prime Minister to use Harapan Coin for all government transactions. But didn’t succeed. While finishing off commentating on the issue Minister Samad said his hands are tied because the matter in discussion doesn’t fall under his jurisdiction.
While the situation on the ground remains unclear, Malaysia’s neighbors are putting legal frameworks in place to control the crypto sector in their countries. Hong Kong, Singapore, and Thailand all South East Asian countries have regulations in place and are crafting paths for the development of the virtual currency sector. One can argue that the Malaysian authorities are not even trying to analyze the sector and see the opportunities. Unlike them, their counterparts in Thailand took their time to understand the sector, and now have proper regulations in place. And their efforts can be seen in the recent issuing of licenses to crypto operators in Thailand. For Malaysia, it’s missing in action and is greatly affecting the growth of the sector. Moreover, the uncertainty is causing frustrations to the investors eagerly waiting to invest in the cryptocurrency sector in Malaysia.