As bitcoin and token exchanges become widely accepted globally, Malaysia is looking to position itself as a relevant player in a growing yet highly experimental form of decentralised currency. To this end, the Government will be looking at developing a framework to approve and monitor the use of bitcoins and token exchanges. This was announced by the Finance Minister during the tabling of the 2019 Malaysian Budget (#Belanjawan2019) today. The framework will be gazetted sometime early 2019.
This is certainly looking good for those who have ventured and invested in bitcoins from the very beginning. However, bitcoin is still highly experimental and volatile even today. The country will be treading in uncharted waters but it is a necessary journey to remain relevant in an open and evolving digital currency market.