Malaysia is considering new regulations regarding crypto and blockchain technology, as stated by Prime Minister Datuk Seri Anwar Ibrahim during his recent visit to Abu Dhabi.

"I proposed several months ago how our agencies, including security, treasury and Bank Negara study how Malaysia can explore this so we aren’t left behind," he noted, as reported by the New Straits Times on Tuesday. "Ensuring that it is regulated could safeguard the people's interests and prevent leakages."

Anwar mentioned that discussions took place with the government of Abu Dhabi and the crypto exchange Binance about policy proposals, indicating that UAE leaders see potential for close collaboration with Malaysia.

In the past, Malaysia has actively explored digital innovations. A 2023 study by the Bank for International Settlements alongside other central banks indicated that cross-border central bank digital currency payments are viable. Also, a push for the establishment of a national blockchain infrastructure was announced in 2022.

Additionally, Malaysia has previously reprimanded crypto platforms for operating without legal authorization. Binance was ordered to cease operations in the country in 2021, with Huobi Global facing a similar situation in 2023.

Two phone calls to the Prime Minister's office were not answered.