Malaysia a top crypto-friendly destination - Minister

KUALA LUMPUR - Malaysia has emerged as one of the top 10 crypto-friendly destinations for digital nomads and companies, said Digital Minister Gobind Singh Deo.

The minister said this was due to the country’s unique talent pool, adding that the cost to hire local workers is more competitive compared to those of neighbouring countries.

Malaysians' multilingual capabilities also enable global companies to serve their international customers effectively, he said.

"In the first quarter (1Q) of 2024, 193 companies were awarded the Malaysia Digital status, half of which are infotech companies leveraging technologies like blockchain, Web3, and AI," he said in his keynote address at the Malaysia Blockchain Week 2024 recently.

Gobind said Malaysia must continue embracing emerging technologies such as blockchain and artificial intelligence (AI) to create new value propositions.

Citing Custom Market Insights (CMI), he said the global blockchain technology market size was estimated at US$4.8 billion (US$1=RM4.58) in 2022 and is expected to hit around US$69 billion by 2032.

"Experts predict that blockchain technology will be a significant driver of economic growth for Malaysia.

"By harnessing blockchain’s potential across various sectors, we can create new opportunities, boost efficiency, and solidify our position as a leading digital economy," he added.

Gobind also noted that the Securities Commission of Malaysia has introduced guidelines to regulate digital asset exchanges under the Recognised Market Operator (RMO) framework.

The guidelines ensure that Malaysians can access and trade tokens created by blockchain technology legally in a safe and compliant environment.

"As a result, more than 840,000 Malaysians have opened an account with regulated digital asset exchanges (DAX) to-date, making up over 72 per cent of the investor segment," he said. - BERNAMA