Why Malaysia’s Communications Ministry Wants To Legalize NFTs? 

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

Malaysia’s Communication Ministry Wants NFTs Legalized: 

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 area”, 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 grown increasingly popular, particularly among the younger generation. 

Zahidi responded, ” We hope that the government would authorize and legalize this so that the young will be more interested in cryptocurrency.” 

The government is also looking at 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. 

According to Bernama, the deputy minister suggested making cryptocurrency legal tender. The deputy minister “proposes the legalization of NFT, crypto mining operations,” according to the article, which immediately deleted 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 may still be used for a variety of purposes, including as an asset class to invest in. 

Malaysia, on the other hand, has been cracking down on illegal cryptocurrency mining. In a crackdown on power theft, Malaysian authorities broke down a crypto mining company and confiscated 1,720 bitcoin mining devices in December. The government used a steamroller to demolish over 1,000 bitcoin mining devices in July of last year. 

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