Malaysian Ministry Proposes Legalizing NFTs to Boost Participation in Crypto Sector

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Malaysian Ministry Proposes Legalizing NFTs to Boost Participation in Crypto Sector – The Malaysian 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.

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

Zahidi responded:

“We hope that the government would authorize and legalize this so that the youth will be more interested in cryptocurrency.”

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Also Read: Coinbase Sued for Allegedly Selling 79 Unregistered Crypto Securities

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

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

According to Bernama, the deputy minister recommended making cryptocurrency legal tender. The deputy minister “proposes legalization of NFT, cryptomining activities,” according to the publication, which later removed the legal tender reference.

Also Read: MiCA Amendments Proposed Last Minute Revive Threat of EU Ban on Bitcoin – Report Reveals

Malaysian Ministry Proposes Legalizing NFTs to Boost Participation in Crypto Sector – 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 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.

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