Malaysian Ministry of Communications Wants to Legalize Cryptocurrencies

Malaysian Ministry of Communications wants to legalize cryptocurrencies. The Ministry submitted this proposal to the government.

The Malaysian Ministry of Communications has proposed that cryptocurrencies be accepted as legal tender in the country. Malaysian Deputy Minister of Communications and Multimedia Datuk Zahidi Zainul Abidin presented the proposal to the parliament today. According to the news of the local news agency Harian Metro; Datuk Zahidi Zainul Abidin, Malaysian Deputy Minister of Communications and Multimedia, urged Malaysian regulators to legalize certain use cases of cryptocurrencies and NFTs. Pointing out that such actions in the cryptocurrency industry, which has become increasingly popular among the younger generations, will significantly support the youth, Zahidi spoke as follows: “We hope the government can try to legalize this issue so we can increase youth participation in cryptocurrencies and help them with issues like energy consumption.” The deputy minister also stressed that cryptocurrencies fall under the jurisdiction of the country's central bank and the Securities Commission.