Malaysian Government Undecided about Cryptocurrency Legalization
The officials of the Malaysian government have said they are yet to decide on whether or not they will
legalize cryptocurrency. The matter which is still under consideration has been a frustration for those
looking to seize the moment to help grow the Malaysian cryptocurrency industry.
Whereas, neighboring South East Asian nations such as Singapore, Thailand, and Hong Kong have been
steadily regulating their crypto markets with one eye on greater adoption, Malaysia is lagging behind the
forerunners on the sub-continent.
Malaysia is currently among the few South East Asian nations that has no defined stance on
cryptocurrencies as at now. It is quite unsure when or if a decision will be made in the nearest future
and no one is sure if crypto is legal or not in Malaysia.
Khalid Abdul Samad, the Malaysian Federal Territories Minister recently confirmed the indecision when
he attended a charity event in Kuala Lumpur. He said Samad said they are still not sure which direction
to take in regards to legalizing crypto in the country. He said:
“People have asked me if these (cryptocurrency and digital currency) currencies are legal or illegal. At
the moment, the answer is neither legal nor illegal as the situation is still unclear. Yes, I was involved in
the launch of Harapan Coin. However, I was not appointed as finance minister. Instead, I became federal
territories minister.”
From the quote above in regards to Malaysian cryptocurrency legalities, it shows the height of
indecision from the Malaysian government, and they are lagging behind other financial powerhouses in
SE-Asia. Thailand on the other hand, also took its time to draft a regulatory framework for its crypto
sector, they are now powering ahead with the Thai SEC recently issuing more licenses to crypto-related
businesses.
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