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Malaysian official calls for the legalization of crypto and NFTs

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In the past, Malaysia's finance minister warned that crypto payments were illegal since they did not meet money's universal characteristics.

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It has been reported that the Malaysian Ministry of Communications and Multimedia (KKMM) favors the use of cryptocurrencies, with its deputy minister calling on the Malaysian government to legalize them..

The deputy minister for communications and multimedia, Datuk Zahidi Zainul Abidin, has called for Malaysia's regulators to consider legalizing certain applications of cryptocurrencies and nonfungible tokens (NFTs), local news agency Harian Metro reported on Monday..

Zaidi pointed out that such measures would provide significant support to young people given how cryptocurrency has been becoming increasingly popular among the younger generation. He also said that the KKMM is exploring ways to increase the participation of young people in the industry.

According to the deputy minister, crypto regulation is a matter for Malaysia's financial regulators, which includes the central bank and the Securities Commission Malaysia.

The ministry is willing to discuss this issue, however, because the crypto industry is a "business and financial potential of the future, especially for young people today," Zahidi noted.

“We hope the government can try to legalize this matter so that we can expand the participation of young people in cryptocurrencies and help them in terms of energy consumption and so on.”

Various sources claim that Zahidi proposed adopting cryptocurrency as legal tender in Malaysia, rather than just legalizing cryptocurrency transactions.

According to investigation reports, KKMM officials did not respond immediately. This article will be updated as new information becomes available.

Tengku Datuk Seri Zafrul Tengku Abdul Aziz, Malaysia's finance minister, reiterated early in March that payments in cryptocurrencies like Bitcoin (BTC) and Ether (ETH) were illegal since cryptocurrency did not satisfy the universal characteristics of money.

Also Read - Mark Zuckerberg reports Instagram will implement NFTs soon

Mark Zuckerberg revealed that Instagram, the video and photo-sharing app owned by Meta, will introduce non-fungible tokens (NFTs) soon. Our goal is to bring NFTs to Instagram in the near future," stated the Meta CE
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