Malaysian comms official calls the state to legalize crypto and NFTs
Malaysia’s finance minister previously warned that crypto payments were illegal as they did not meet the universal characteristics of money. The Malaysian Ministry of Communications and Multimedia (KKMM) 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), local news agency Harian Metro reported on Monday.Zahidi pointed out that such....
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Malaysia’s communications ministry has proposed legalizing non-fungible tokens (NFTs) to increase the participation of young people in the cryptocurrency space. The crypto sector is under the purview of the central bank, Bank Negara Malaysia, and the Securities Commission.
Malaysian Ministry Wants NFTs Legalized
Malaysia’s Ministry of Communications and Multimedia has proposed legalizing non-fungible tokens (NFTs) “to help the younger generation who are actively involved in the space,” Malaysian national news agency, Bernama, reported Monday.
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Similar to countries like Indonesia, Malaysia has not banned crypto trading but the government doesn't want to adopt crypto for payments. An official at the Ministry of Finance of Malaysia reportedly opposed the idea of adopting cryptocurrencies like Bitcoin (BTC) as a payment method following recent crypto-friendly proposals by the deputy communications minister.Malaysia has no plans to recognize BTC as legal tender, deputy finance minister Mohd Shahar Abdullah said in a parliamentary meeting on Thursday, according to a Bloomberg report.“Cryptocurrencies like Bitcoin are not suitable for....
Members of the State Duma are now working on amendments that will permit the use of cryptocurrency as a contractual means of payment. Digital financial assets are regarded as property under Russian law and the changes will legalize crypto payments between parties to a contract. State Duma to Amend Civil Code to Legalize Contractual Crypto Payments The lower house of Russia’s parliament, the Duma, is gearing up to remove barriers to using cryptocurrencies in contract payments. The proposals are subject to an ongoing review but according to the chairman of the Committee on....
One of Malaysia’s top investment banks has bought a 19% stake in a local crypto exchange via its private equity arm. The Kenanga Investment Bank announced its inception into the crypto business by investing in Tokenize Xchange. Tokenize Xchange Is One of the Three Malaysian Licensed Crypto Exchanges Per the official announcement, the bank made the transaction through Kenanga Private Equity Sdn Bhd via a conditional agreement to purchase 19% equity interest in the trading platform. Hong Qi Yu, chief executive officer of Tokenize Xchange, founded the firm in 2018. Since its launch in....
The Securities Commission of Malaysia says Huobi is operating without official registration from local regulators. The Securities Commission (SC) of Malaysia issued a statement on Aug. 22 regarding Huobi operations in the country. According to the statement, the crypto exchange is now on the SC’s Investor Alert List. Malaysian financial regulators say Huobi has been operating a digital asset exchange in the country without official registration with the SC.Huobi Global [https://t.co/la9Y3ntGuq] has been added to the SC’s Investor Alert List for operating a digital asset exchange (DAX) in....