Home » State Urged to Legalize Cryptocurrencies and NFTs by Malaysian Communications Authority

State Urged to Legalize Cryptocurrencies and NFTs by Malaysian Communications Authority

by Logan King
State Urged to Legalize Cryptocurrencies and NFTs by Malaysian Communications Authority

The finance minister of Malaysia earlier issued a warning that cryptocurrency payments were unlawful because they did not adhere to the fundamental requirements of money.

According to reports, the Malaysian Ministry of Communications and Multimedia (KKMM) supports the use of cryptocurrencies, and the deputy minister has called on the government to legalize them.

As per local news outlet Harian Metro, Malaysia’s regulators have been encouraged by deputy minister of communications and multi-media Datuk Zahidi Zainul Abidin to regulate some use cases for cryptocurrencies and nonfungible tokens (NFT).

Given the growing popularity of the cryptocurrency industry among millennials, Zahidi emphasized how these policies will considerably benefit young people. Additionally, he mentioned that the KKMM is looking into strategies to boost young people’s involvement in the sector.

The deputy minister pointed out that Malaysia’s financial regulators, along with the central bank and the Securities Commission Malaysia, have the authority to decide how cryptocurrencies should be regulated.

Nevertheless, Zahidi noted that the government is prepared to raise this matter because the cryptocurrency sector is currently the future of finance and business, particularly for young people.

Some sources claim that Zahidi advocated for the adoption of cryptocurrencies as legal currency rather than only the legalization of some cryptocurrency transactions in Malaysia.

Cointelegraph’s request for comment from the KKMM representatives was not immediately answered. If new information becomes available, this article will be updated.

According to some sources, Honduras is also prepared to accept Bitcoin as legal cash, following in the footsteps of El Salvador, which passed its Bitcoin Law in September 2021.

Tengku Datuk Seri Zafrul Tengku Abdul Aziz, Malaysia’s finance minister, reaffirmed in early March that payments made in cryptocurrencies like Bitcoin and Ether were prohibited in the nation because they did not adhere to the global standards of money.

To address the expanding trend in the digital asset business, the minister further stated that Bank Negara Malaysia was working on prospective introductions of a central bank digital currency (CBDC) and blockchain-related innovations.

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