Binance chief outlines strategy for crypto adoption in Malaysia

The Bitcoin exchange Binance is prepared to work closely with cryptocurrency trading platforms in Malaysia to accelerate the adoption of digital assets in the country. The remarks were made by Binance CEO Changpeng Zhao, пишут local media.

At the conference “Trends in the Cryptocurrency Market and Future Opportunities” he stressed the importance of regulatory compliance. According to him, Binance’s plan is to “go global by acting locally”.

“We need some guidelines for operating, and we would very much like to cooperate with our partners and regulators […]. Protecting users costs a lot in the short term, but in the long term this will be a big win,” he added.

MX Global, a trading platform, emerged as one of the partners in Malaysia. In March the company объявила investments from Binance.

During the conference, Fazli Shah Anuar, CEO of the platform, said the partnership would enable MX Global to accelerate growth and adoption not only through funding but also through “transfer of technology and talent”.

The executive also noted that Malaysia needs to address regulatory questions. In his view, authorities should help make cryptocurrency mainstream, not merely treat it as a speculative asset.

In July 2020, the Securities Commission of Malaysia (SC) added Binance to the list of entities whose activities did not comply with the law.

In 2021, the regulator announced enforcement actions against the company “for unlawful operation of a digital asset exchange”.

In 2019, Malaysia passed a law on cryptocurrencies and digital tokens. The SC registered the first three digital asset exchanges that year as well.

In March 2022, the K-KOMM urged authorities to develop a legal framework for the legitimate circulation of bitcoin and other cryptocurrencies.

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