Increased integration of blockchain technology and cryptocurrencies on the horizon: Wealth in the digital age
PETALING JAYA: Wealth Wolves Sdn Bhd predicts that the integration of blockchain and cryptocurrency will increase in Malaysia.
Executive director Leong Seng Tat expects to see a rise in blockchain integration by the government, leading to more transparency in transactions and a growing interest in using cryptocurrency for payments.
“The government has already been implementing blockchains for some time now. We can expect a significant integration in the near future, even if it is not officially announced,” Leong told SunBiz.
Leong believes that there will be improved transparency in governance, transactions, and enforcement of laws. He gave an example, saying, “Government records like police summons will be stored in a system until they are settled. Our histories will also be kept in a system until obligations are met.”
Businesses will need to follow suit to comply with government requirements, according to Leong.
Leong highlighted that businesses will face challenges in the coming years as they transition towards accepting cryptocurrency as a form of payment. “This will require significant adjustments to adhere to government regulations. Currently, the only legal tender in Malaysia is the ringgit, which presents regulatory hurdles for merchants looking to adopt cryptocurrency,” he explained.
While the shift towards crypto payments may seem straightforward, businesses must navigate legal, technical, and market-related obstacles to successfully implement and integrate blockchain-based transactions, Leong emphasized.
Before the inauguration of US President Donald Trump last month, the price of Bitcoin hit a record high above US$109,000 (RM485,700) due to anticipated regulatory changes.
The new US administration has expressed support for cryptocurrencies, with executive orders issued to review digital asset regulations and consider establishing a national bitcoin reserve.
Under the new leadership, the US Securities and Exchange Commission has taken a more lenient approach to crypto regulation. A Crypto Task Force has been formed, and restrictive accounting rules have been lifted to create a more crypto-friendly environment.
In addition to these developments, crypto exchanges are expanding in the European Union because of the enforcement of the Markets in Crypto-Assets Regulation (MiCA), which offers clear guidelines. Exchanges like OKX, Crypto.com, and Bitpanda have obtained MiCA licenses in Malta and Germany.
Source link
#Greater #integration #blockchain #cryptocurrency #ahead #Wealth #Wolves
