This is frustrating news for the ones who seek to engage in the development of Malaysian digital currency industry. Whereas the neighbor countries of the region, including Singapore, and Thailand, keep on performing their market regulation with concentration of increased adoption, Malaysia is still far behind because of the government that sits on the fence about the whole phenomenon of crypto.
So far, Malaysia belongs to the minority of South East Asian countries that still have not figured out their disposition regarding the digital currencies. No one is actually sure when the decision will be made, or if there are any intentions of making it whatsoever, leaving the matter of crypto legality in the grey.
Khalid Abdul Samad, the Federal Territories Minister of Malaysia, has provided a confirmation regarding the government’s indecision at a charitable event in Kuala Lumpur. Samad stated that the government remains unsure of whether the digital currency industry should be legalized or not.
There is less clarity in terms of the governmental take on crypto than in the Silent Hill after a rainy day.
Due to such indecisiveness, Malaysia is lagging far behind other powerhouses of finance in the region. Despite the fact Thailand seemed to take some time before creating a draft of crypto-related policies, they are currently one of the flagship nations with the Securities and Exchange Commission of Thailand licensing more and more businesses in the digital currency industry.