Malaysia could be an encouragement to legalize crypto in asian country?

[laredo7mm]

You combined several incorrect things, El Salvador considered Bitcoin a legal currency like USD, but what Ukraine, Malaysia did is just adopt Bitcoin as a legal currency, which means:

• They can generate additional income by imposing taxes on those crypto.
• They can generate income by providing licenses to the platforms.
• They can generate additional income by providing the service of converting cryptocurrencies to local currency.

Imposing a ban on these currencies means that the government will spend more money to track traders, and this will not bring them any additional income.
Regulation is for economic reasons, which is different from considering it a legal currency

Please read OP carefully. I mentioned el Salvador made bitcoin legal tender and Ukraine passed a law for accepting bitcoin which clearly refers to legalizing bitcoin. Two are different things.

Imposing a tax on bitcoin also requires more money to be spent on this sector. Govt needs to track trader's records, transactions, and profits and losses. This consumes money and time too and is a decentralized cryptocurrency it makes things even harder. Recently India impose a 30% tax on every crypto asset and an investigation shows more than 700 Indian traders who made more than 40 lack INR which is equivalent to $52000+ USD worth of money didn't report about their earnings. That means they just simply want to avoid tax and just think how many more haven't been caught yet. Now implementing law and order to these people won't be easy.

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[teosanru]

I think in the 21st century now countries have realised the next economic havens of the world are not going to be made due to oil, real estate or tourism, instead it's going to be due to web 3.0 and Cryptocurrencies, this is why these small countries of the world are ready to take the lead in these sphere as well. I think Malayasia will definitely go through this proposal and can become the next Singapore for crypto companies.

[Jody.Drummer]

Malaysia’s Communication Ministry has proposed to the government that crypto currency such as bitcoin be adopted as legal transfer, its deputy minister Zahidi Zainul Abidin told Parliament on Monday.

So what is the continuation of this quote? is it just a piece of unfinished story. This is still a proposal and has not yet become fully final when we see it from a long process and does not necessarily become a proposal that is directly endorsed by the Malaysian government. Maybe it seems like news at a glance and it is still a mystery whether it will be passed and immediately knock the hammer in the Malaysian parliament?