The Malaysian Ministry of Communications and Multimedia is reportedly backing the adoption of cryptocurrencies, with the deputy minister calling the government to legalize crypto.
Deputy communications and multimedia minister Datuk Zahidi Zainul Abidin has urged Malaysia’s regulators to legalize certain use cases of cryptocurrencies and nonfungible tokens (NFT).
Zahidi pointed out that such measures would significantly support young people as the cryptocurrency industry has been growing increasingly popular among the younger generation.
The deputy minister noted that the decision on crypto regulation is up to Malaysia’s financial regulators, including the central bank and the Securities Commission Malaysia.
According to some sources, Zahidi proposed not just legalizing certain cryptocurrency transactions in Malaysia but rather adopting cryptocurrency as legal tender.