The Malaysian Ministry of Communication and Multimedia (K-KOMM) believes that cryptocurrency should be legal tender.
According to My Metro, Deputy Minister for Communications Datuk Zahidi Zainul Abidin spoke to Parliament, saying that he supports adopting cryptocurrencies as a means of payment. He also noted that digital currencies are under the purview of the Central Bank and the Securities Commission. He added that the ministry will look for ways to work with young people who use crypto assets, including NFTs.
Malaysia had already passed a law on cryptocurrencies and digital assets in 2019. Three crypto exchanges were registered in the same year. Meanwhile, Binance was operating in the country without a license in 2020, which led to enforcement action against the company in 2021 for illegally operating a cryptocurrency exchange.