Malaysia Develops Crypto Policy Following Talks with Binance Co-founder

The Malaysian government is exploring the establishment of a crypto policy to legitimize the industry and modernize its financial system. Prime Minister Datuk Seri Anwar Ibrahim discussed potential regulatory frameworks with Binance co-founder Changpeng Zhao and UAE officials.

Focus on adopting crypto-friendly regulations in Malaysia.
Anwar Ibrahim emphasized the need for rapid evolution to avoid being left behind by outdated financial systems.
Collaboration with UAE policymakers aims to create effective crypto regulations.
Authorities such as Treasury, Securities Commission, and Bank Negara Malaysia will conduct studies on implementation concerns.

Recent scrutiny from Malaysia's securities regulator includes:

Order for Bybit to cease operations due to running an unregistered exchange.
Addition of Atomic Wallet to the investor alert list, prohibiting its operation.
Other platforms like Paxful, KuCoin, and MEXC also featured for operating without registration.