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Malaysian Government Still Deciding Whether or Not to Legalize Cryptocurrency

Malaysian regime officials have come out to say they are still undecided on whether or not they will legalize cryptocurrency. The matter is but under consideration, which is frustrating those looking to seize the moment to help the Malaysian cryptocurrency industry thrive.

As neighboring South East Asian nations such as Thailand, Singapore, and Hong Kong continue to regulate their crypto vends with one eye on greater adoption, Malaysia is lagging behind the forerunners on the sub-continent.

Indecision on Malaysian Cryptocurrency Future

Malaysia is currently one of the few South East Asian lands not to have a clear and defined stance on digital currency at this moment in time. Nobody is quite sure when or if a resolution will be made in the near future. And nobody is sure if crypto is legal or not.

The Malaysian Federal Territories Minister Khalid Abdul Samad recently upheld the indecision when attending a charity event in Kuala Lumpur, reported on by the local media outlet, the Malay Despatch. Samad said they are still not sure which direction to take in regards to legalizing cryptocurrency. He was quoted as chance:

People have asked me if these (cryptocurrency and digital currency) currencies are legal or illegal. At the moment, the answer is neither statutory nor illegal as the situation is still unclear. Yes, I was involved in the launch of Harapan Coin. However, I was not appointed as finance minister. A substitute alternatively, I became federal territories minister.

As you can see, these recent comments in regards to Malaysian cryptocurrency legalities are greyer than 50 Conceals of Grey in black and white on a dull day. They are more unclear than Stevie Wonder circumnavigating the North End in a dingy in a continual fog.

Malaysia Getting Left Out in the Crypto Cold

Because of such indecision from the Malaysian rule, they are lagging behind other financial powerhouses in SE-Asia. Although Thailand also took its time to prospectus a regulatory framework for its crypto sector, they are now powering ahead with the Thai SEC recently issuing more permits to crypto-related businesses.

As Hong Kong and Singapore also push ahead with greater regularity measures, the kindest we can get from Malaysian officials when pushed on the subject is the same old familiar story that Samed told the municipal Malaysia media when he said:

As the matter is not under my jurisdiction, I cannot push too much.

To be fair on Samad, he is one of the cardinal advocates of Malaysian cryptocurrency integration and previously tried to push both the Prime Minister Tun Dr Mahathir Mohamad and the Bank Negara Malaysia to use the Harapan Invent for governmental transactions. But to no avail.

Featured image from Pixabay.

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