The matter is still undecided for the Malaysian government even after it has given the judgment for the cryptocurrency legalization. The government is still in the neutral space for whether to legalize the cryptocurrency or not. Khalid Abdul Samad, the Federal Territory Minister has reportedly said that the present situation for the legalization of the new currency is yet to be decided. Unlike other neighboring nations such as Singapore, Thailand, and Hong Kong are still pursuing their crypto markets running towards for their growth and development, whereas Malaysia is still lagging behind with the decision.
This discussion in the nation has ultimately frustrated those who are actually looking out to step into the Cryptocurrency market and to expand the Malaysian market. The decision maker also said that he cannot actually push the legalization in hurry, just like the previous currency Harapan Coin (HRP) launch. The government has also claimed that is has been working on the new currencies and the coin regulations. Also, the HRP- Harapan Coin has been discussed with the country’s central Bank- Bank Negara Malaysia and of course with the Prime Minister of Malaysian country for the regulation and for routine transactions just like the others.
During the HRP coin discussions and the regulations, one of the Malaysian Parliament Member has requested the Malaysian Government to fix the cryptocurrency rules and regulations even before launching the Harapan Coin within the country. The Federal Territory Minister has also appraised the achievement of orphan school help conducted by one of the Financial Tech Company known as Blockchain.My. The new category currency market is still in the growth and development within the country, but at the same time for those who want to step into the market has to first deal with the Central Bank of the country.