Malaysia’s bold crypto move after talks with UAE experts and Binance founder CZ
Malaysia is embarking on a revolutionary journey in the cryptocurrency industry, led by President Datuk Seri Anwar Ibrahim, with experts from Abu Dhabi and Binance founder Changpeng Zhao, according to a report by NST. This strategic decision by the Malaysian leader represents a major shift from the country’s traditional financial system to a modern digital model.
Malaysia’s current financial landscape
Malaysia has historically relied heavily on payments and card-based services. However, the tide is turning as the country embraces e-money, aiming to integrate digital financial solutions into daily life. These reforms are part of a broader effort to modernise the country’s economic system and make it competitive on the global stage.
Abu Dhabi sustainability week 2025
During the Abu Dhabi Sustainability Week 2025, Prime Minister Anwar Ibrahim engaged in strategic discussions with Abu Dhabi leaders and CZ. Changpeng Zhao, often referred to as CZ, is a key figure in the cryptocurrency world, known for founding Binance, one of the largest global crypto exchanges. This new partnership aims to create a powerful and safe crypto regulatory framework, fostering a supportive environment for digital finance innovation and future growth.
In a statement, Anwar stressed the need for Malaysia to move beyond traditional economic models and achieve rapid growth. He described the changes as a “complete departure from the old ways,” indicating a commitment to embrace the future of the economy.
“I had lengthy discussions with the Abu Dhabi leadership and Changpeng Zhao, co-founder of the world’s largest cryptocurrency platform, Binance,” Anwar reportedly told the NST at the end of his three-day official visit to Abu Dhabi.
Potential crypto regulatory framework
The implementation of a robust crypto regulatory framework is essential to the success of this new transition. Anwar highlighted the need for a comprehensive review by several Malaysian authorities, including the Banking, Securities and Exchange Commission Negara Malaysia. This approach aims to address concerns while laying the groundwork for safe and innovative crypto ecosystems.
The Malaysian PM added, “This is an evolution which happens quickly and requires us to be equally fast. We feel that Malaysia should not be left behind while mired in an old financial system. We need to discuss this in detail, leave behind the old business model and give meaning to this digital finance policy.”
As with any significant policy shift, developing competency among personnel is essential. The Prime Minister highlighted the importance of training individuals to understand and operate within the advanced digital finance landscape, ensuring that Malaysia’s workforce is well-equipped to navigate this new developing finance sector.
Anwar also mentioned, “Every new idea comes with its own set of challenges. We need to train our staff, build their skills, and ensure player involvement.”
Recent regulatory scrutiny in Malaysia
Malaysia’s Securities Commission has been vigilant in its oversight of the crypto industry. Recent moves include ordering principal exchanges, such as Bybit, to cease operations for running an unregistered digital asset exchange and adding Atomic Wallet to its investor alert list. These moves highlight the need for a regulated environment to protect customers and ensure market stability.
The regulatory scrutiny has had immediate impacts on crypto exchanges operating in Malaysia. The case of Bybit and Atomic Wallet serves as a cautionary tale for other unregistered platforms, including Paxful, KuCoin, and MEXC, illustrating the government’s dedication to maintaining a lawful and orderly market.
