Have no fear and don’t believe the FUD. The Deputy Finance Minister of the country of Malaysia has gone on record and stated their take on the matter of cryptocurrencies. He confirmed that the government would not seek to implement an overall ban on cryptocurrencies and the various activities that make up the system.
A publication in Malaysia has noted that the deputy finance minister of the Malaysian nation, Datuk Seri Johari Abdul Ghani, has commented that the regulators are in the consideration phase of imposing regulations on the market of cryptocurrencies. Meaning that for now they will be letting the cryptocurrencies grow, watch how it develops and take actions from there.
The Finance Ministers in the nation understand that the strength of the crypto community is the fact that they can bring improvements to the sector of finance. These improvements to the finance industry will allow for an increasing growth in the economy, due to the minimization of prior hurdles in access to capital, costs, and other factors.
The Deputy Finance Minister commented to the Malaysian Reserve:
“Financial innovation will not only enhance productivity of economic activities, but also make financial intermediation more seamless,” continuing with, “this is particularly relevant to recent innovations like bitcoin.”
Through statements such as those, the conservative nation is proving that they are taking a more comprehensive approach to the emerging market of cryptocurrencies. Taking this view gives them a deeper insight into the underlying innovations of the blockchain and other aspects that cryptocurrencies bring to bear. Thus, writing it all off, in one fell swoop, shunts growth in the sector, and eventually, overall. Understanding this concept and following through in this similar manner gives countries a forward view and long-term growth. Allowing the public sector and the private sector to forge a path into the future as opposed to stagnating in the past. Looking at the picture more largely contributes to implementing safety standards to preserve the current status quo while building for growth. The mandate of governments is to minimize harm to the economy and those that participate in various ways and maximize overall growth. Thus making them stronger.
Crypto Trading Regulations
Bank Negara Malaysia, the central bank of the Malaysian country has not, at present issued their comments on regulations in this emerging space.
They are currently in the research and data collection phase, making sure that they are gearing up for the future.
The deputy minister further stated that it is essential the government walk a fine line in the regard of public interest
“The government is fully aware of the need to strike a balance between public interest and integrity of the financial system, similar to any financial and investment schemes, there is a need to have proper regulation and supervision to ensure any risk associated with such schemes are effectively contained.”
The government is making sure that they are accounting for Knowing your customer and for the Anti-Money Laundering aspect as well.