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Malaysian Ministry Discusses Legalization of NFTs To Promote Crypto Sector

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To boost the engagement of young people in the cryptocurrency arena, Malaysia’s communications ministry has advocated legalizing non-fungible tokens (NFTs). The central bank, Bank Negara Malaysia, and the Securities Commission have jurisdiction over the crypto market.

Malaysia’s Ministry of Communications and Multimedia has recommended legalizing non-fungible tokens (NFTs) “to assist the younger generation who are actively interested in the space,” according to Bernama, Malaysia’s national news agency.

Datuk Zahidi Zainul Abidin, Malaysia’s Deputy Communications and Multimedia Minister, was asked in Dewan Rakyat, the lower house of parliament, about the government’s view on NFTs (non-fungible tokens), which have grown in popularity, particularly among the younger population.

Zahidi replied:

“We hope the government will allow and legalize this so that we can increase the youth’s uptake of cryptocurrencies.”

The government is also looking into measures to promote young people’s involvement in digital assets, according to the deputy minister.

He pointed out that crypto operations are regulated by the Malaysian national bank, Bank Negara Malaysia, as well as the Securities Commission.

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According to Bernama, the deputy minister recommended making cryptocurrency legal tender. The deputy minister “proposes legalization of NFT, crypto mining activities,” according to the article, which soon removed the legal tender reference.

Malaysia’s deputy finance minister warned earlier this month that cryptocurrencies like bitcoin and ethereum are unsuitable as a form of payment or a store of wealth. He did, however, point out that they can still be used for a variety of purposes, including as an asset class in which to invest.

Malaysia, on the other hand, has been cracking down on illegal cryptocurrency mining. In a crackdown on electricity theft, Malaysian police shut down a crypto mining company and seized 1,720 bitcoin mining machines in December. The government used a steamroller to destroy over 1,000 bitcoin mining machines in July of last year.