Malaysia plans to legalize NFTs to increase crypto adoption

In an effort to boost crypto adoption in the country, Malaysia plans to legalize NFTs. The Communications Ministry has recently proposed the same and believes it will bring younger people into the industry. It seems they are taking this seriously as recently there have also been reports of them planning to legalize the entire industry.

Legalizing NFTs

While crypto is great, NFTs are in a different league. They are engaging and have a wide audience. The communities are enormous, and yes, people are making profits from them as well. It could be by trading popular ones or by minting and selling their own. This is why the plan to legalize them to attract more people to the crypto space seems to be ingenious.

Malaysia plans to legalize NFTs
Image Source: NFT Drops Calendar

In a recent parliament meeting, Datuk Zahidi Zainul Abidin, the deputy communications and multimedia minister, was asked about his take on NFTs as it has become very popular among millennials. To this, he replied, saying that he hopes the Government legalizes this space to increase “youth’s uptake on cryptocurrencies.” They are also looking into ways to increase engagement in the industry.

At present, the country’s securities department, central bank, and Bank Negara Malaysia are keeping an eye on the crypto space. The media suggested they even considered adopting cryptocurrencies as legal tender; however, it seems those were just rumors.

Malaysia’s deputy Finance minister on crypto

Recently we didn’t have any statement from Malaysia’s deputy finance minister; however, earlier, he said that cryptocurrencies are not suitable for payments or as a store of value. But he did say that they can be treated as an asset and can be invested in. This shows that there is a possibility they can legalize the NFTs and crypto space and term them as an asset class.

It will be a big win for the industry and will bring another country under the list of crypto adopters. For now, it seems clear that smaller nations will be the first to push crypto adoption or even adopt it as legal tender.

What are your thoughts as Malaysia plans to legalize NFTs? And do you think that the Finance minister will agree on this? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: Indian Government explains how they will tax crypto