The Malaysian government is exploring the establishment of a cryptocurrency policy to modernize its financial system. Prime Minister Datuk Seri Anwar Ibrahim discussed a potential regulatory framework during meetings in Abu Dhabi with local officials and Changpeng Zhao, founder of Binance. Anwar emphasized the necessity for Malaysia to adopt cryptocurrency-friendly regulations to stay relevant in the evolving financial landscape. He described this initiative as a radical departure from outdated financial methods and highlighted the need for cooperation with the UAE to develop effective regulatory strategies. Concerns about training personnel and competencies in the crypto space were also acknowledged, with Anwar stating that comprehensive studies from various Malaysian authorities will be needed to address these issues and ensure the policy's success. This move comes amid recent scrutiny from Malaysia's Securities Commission, which has taken action against unregistered cryptocurrency exchanges operating in the country, pointing to the urgency for a formal regulatory framework.

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