Malaysian Multimedia Ministry calls on government to formalize crypto's legal status
The Malaysian Communications and Multimedia Ministry said it hopes the government will bring cryptocurrencies into a more formal legal framework, in order to encourage their use.
“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," Deputy Communications and Multimedia Minister Zahidi Zainul Abidin said in parliament today, according to Bloomberg.
Zahidi was replying to a question about the government's stance on NFT marketplaces. He added that crypto regulation is the responsibility of Malaysia's central bank and the Securities Commission.
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Tim is the Editor-In-Chief of The Block. He writes about the evolution of crypto technology and the people who are at the forefront of it. He provided exclusive, source-based insights into the launches of the Bitcoin and Ethereum ETFs, crypto sales by the FTX Estate and the Trump-linked World Liberty Financial project. Prior to joining The Block, Tim was a news editor at Decrypt. He earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.
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