Malaysia’s Finance Ministry Comments on the Lose Crypto Use and Interest in Country
The Finance Ministry of Malaysia has recently affirmed that domestic and global adoption of cryptos are low, despite how much attention the sector has gained in the last couple of years.
According to its newest report named Economic Outlook 2020, the ministry notes that several important companies have started to adopt more crypto assets, but it is not enough. According to the report, the impact of these new projects was still not felt and depending on what will happen soon, digital assets may end up
“receding into the background”.
The ministry also affirmed that global authorities need to be quick in discovering and fixing all possible issues which can be caused by the rise of digital assets. Several national regulators are already working to improve the laws surrounding these assets. Local companies have to either become compliant or stop acting in the country.
Some of the laws include the Capital Markets and Services Order 2019, which deemed that any digital asset that is considered a form of investment and fundraising is deemed as a security in the country, which basically determines that Initial Coin Offerings (ICOs) are security offerings.
At the moment, the local government is creating some domestic experiments which can be important to understand more about the technology and implement solutions that can let the market grow in an efficient and secure way.
Malaysia is so interested in the blockchain technology that it has recently launched a new work visa program that targets technology professionals who have talent with the blockchain.