The cryptocurrency sector has become a global hit in the past couple of days. Initially, people were hesitant in adopting crypto. Countries were reluctant to even think about exploring the usability of crypto. However, crypto has proven that it is a major part of the global economic sector. Countries and authorities are being more open to the idea of crypto regulation.
Different governments are proposing bills and amending laws to propel the growth of crypto in their regions. No country wants to be late to the party, and lately, it seems that everyone is in a race. A similar trend was followed by the Malaysian Ministry of Communications and Multimedia (K-KOMM). Through a recent development, the ministry has encouraged local regulators to allow the use of digital assets and currencies through crypto regulation.
Increasing the participation of youngsters in digital assets through crypto regulation
The popularity of crypto and other digital assets is incredibly high among youngsters. The young generation is fond of the concept and fancies making money from it. Non-fungible tokens (NFTs) are also a big hit among these consumers. Therefore, K-KOMM is looking for ways to help these consumers with their crypto-related activities.
In a bid to propel the work on crypto regulation in the country, the Deputy Minister of Communication and Multimedia, Datuk Zahidi Zain ul Abidin has said that his party is emphasizing the participation of youngsters in the digital asset world.
The Deputy Minister further said,
“All this is under Bank Negara Malaysia and the Securities Commission Malaysia. However, we in the ministry want to register, because this is the business and financial program of the future, especially for young people now. We hope the government can and 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.”
Moreover, Deputy Minister answered a series of questions on crypto regulation, the stance of the Government, and the role of K-KOMM. The NFT sector is hyping up in Malaysia, as these digital collectibles are a hit among Malaysian youngsters. Therefore, the proposal to catalyze crypto regulation in the country will further propel the digital asset sector in the public.
It can be assessed that Malaysia is making room for the incorporation of crypto in its economic structure. However, it is yet to be seen how the authorities pave the way for crypto regulation in the coming weeks.
