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Malaysia’s communications official is urging the government to legalize cryptocurrency and non-fungible tokens (NFTs)

The Malaysia Ministry of Communications and Multimedia (KKMM) is apparently supportive of cryptocurrency adoption, with the deputy minister urging the government to legitimize the digital currency.

Datuk Zahidi Zainul Abidin, Malaysia’s deputy communications and multimedia minister, has encouraged Malaysia’s regulators to legalize some cryptocurrency and nonfungible token (NFT) use cases, according to local news outlet Harian Metro.

As the bitcoin business has grown in popularity among the younger generation, Zahidi pointed out that such steps would be particularly beneficial to them. He also mentioned that the KKMM is looking into methods to get more young people involved in the business.

The deputy minister stated that it is up to Malaysia’s financial regulators, notably the central bank. Then, and the Securities Commission Malaysia, to decide on crypto regulation.

However, the government is willing to raise this problem because the crypto industry is the…

“future business and financial program, especially for young people today,” according to the ministry.

According to some sources, Zahidi recommended adopting cryptocurrencies as legal tender rather than only legalizing some cryptocurrency transactions in Malaysia.

Tengku Datuk Seri Zafrul Tengku Abdul Aziz, Malaysia’s finance minister. So, stated in early March that payments in cryptocurrencies such as Bitcoin (BTC). Then, and Ether (ETH) were unlawful in the country because they did not fit the universal criteria of money.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.