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Malaysia among top 10 crypto-friendly destinations: Gobind | Scoop
Digital Minister Gobind Singh Deo said his ministry, via the Malaysia Digital Economy Corporation (MDEC) and Malaysia Digital (MD), remains committed to supporting the growth of the blockchain ecosystem. – Riduan Rizal Ahmad/Scoop file pic, August 1, 2024
News

Malaysia among top 10 crypto-friendly destinations: Gobind

More than 840,000 Malaysians have opened accounts with regulated digital asset exchanges

Scoop Reporters
Updated
5:25 PM MYT

 

KUALA LUMPUR – The blockchain ecosystem and community in Malaysia are key drivers that have positioned the country among the top 10 crypto-friendly destinations globally, according to Digital Minister Gobind Singh Deo.

He noted that the rapid adoption of digital assets in Malaysia since 2021 has led to more than 840,000 Malaysians opening accounts with regulated digital asset exchanges (DAX), accounting for over 72% of the investor segment.

“Based on Securities Commission data, approximately RM21 billion worth of digital assets were accessed and traded across registered DAXs in 2021, compared to RM1.4 billion in 2020.

“As demand for digital services backed by blockchain technology grew, the Securities Commission introduced new guidelines to enable innovative companies to fundraise through the issuance of digital tokens.

“This allows registered Initial Exchange Offering operators to provide an alternative avenue for homegrown companies to raise funds via blockchain technology, fostering a digital ecosystem for innovation and entrepreneurship,” he said during his keynote speech at Malaysia Blockchain Week 2024, held at the World Trade Centre today.

He added that his ministry, through government agencies such as Malaysia Digital Economy Corporation (MDEC) and MyDigital (MD), remains committed to supporting the growth of the blockchain ecosystem.

This commitment is part of the ministry’s dedication to positioning Malaysia as a leader in the digital economy, ensuring long-term and sustainable growth for the industry.

“In the first quarter of 2024 alone, 193 companies were awarded MD status, with half of them being info-tech companies leveraging technologies like blockchain, Web3, and Artificial Intelligence.

“However, rest assured that the government is focused on maintaining the country’s attractiveness as a preferred location for digital technology companies to enter and expand in Asean, including providing a stable political environment and investor-friendly policies and facilitation.”

As the world continues to progress and embrace the blockchain ecosystem, Gobind emphasised that the industry must ensure its workforce is equipped with the necessary skills to thrive in this landscape.

This can be achieved by investing in training programmes and initiatives to bridge the skills gap and empower Malaysians to become leaders in the blockchain revolution.

Malaysia Blockchain Week 2024 is an inaugural blockchain-related event attended by industry players and investors, aiming to educate and showcase groundbreaking projects and provide networking opportunities.

Blockchain is an advanced database technology that allows transparent information sharing, including cryptocurrency transaction systems. – August 1, 2024

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