Malaysia’s Digital Ministry has reaffirmed the government’s commitment to accelerating the growth of blockchain technology and asset tokenisation, maintaining the momentum of the initiatives under the National Blockchain Roadmap 2021–2025.
In a statement today, Digital Minister Gobind Singh Deo said the ministry had been mandated as the principal coordinator for developing policies and strategic direction for digital technology, with blockchain as a key focus area.
To that end, a high-level National Blockchain Policy Task Force has been established, bringing together experts from both the public and private sectors to craft a comprehensive and inclusive national blockchain strategy.
Task force to forge holistic policy
The task force has a clear mandate, focusing on several key areas, including:
- Identifying priorities for the development and adoption of blockchain technology in Malaysia, encompassing both crypto and non-crypto applications.
- Examining the ethical, legal, and social implications of blockchain implementation.
- Proposing mechanisms to strengthen collaboration between academia, industry, and government.
- Developing strategies to nurture talent and promote education in blockchain technology.
The ministry is now reviewing core components for the national blockchain policy and direction, aimed at enhancing efficiency, security, and transparency across government operations, industry sectors, and public services.
Tokenisation: Driving asset management and capital markets
A major focus is being placed on tokenisation – the process of converting rights to an asset into a digital token on a blockchain. Tokenisation is seen as pivotal to advancing asset management and capital market development, as it enhances transaction security and strengthens the digital ecosystem’s stability.
The government is also developing a comprehensive regulatory framework for asset tokenisation and blockchain technology, in coordination with the Securities Commission Malaysia and Bank Negara Malaysia.
Through this framework, the government aims to strike a balance between promoting innovation and protecting public interests while ensuring market stability.
This strategic initiative positions Malaysia firmly in the regional race to harness blockchain technology as a driver of its digital economy.
