Malaysia has confirmed its central bank holds final approval authority for all cryptocurrency projects. Finance Minister Lim Guang Eng stated that Bank Negara Malaysia (BNM) must be consulted on any digital currency initiatives.

“All parties must consult Bank Negara before issuing cryptocurrencies,” Lim told parliament. “They have final approval authority on this new currency form.”

While supporting financial innovation, Lim emphasized compliance with existing laws. “Follow Bank Negara’s guidelines to avoid illegal actions,” he warned.

The announcement clarifies Malaysia’s regulatory stance as cryptocurrency adoption grows. All projects now require central bank authorization before launch.

The Harapan Coin Issue

This development comes amid heated debates over Harapan Coin—a blockchain-based political fundraising platform. During Monday’s parliamentary session, one member revealed the coin had already generated hundreds of dollars without BNM approval.

Harapan Coin, launched by Federal Territories Minister Khalid Samad, aims to fund the ruling party’s election campaign. The project has sharply divided Malaysian politicians.

Samad initially claimed a proposal would be submitted to Bank Negara for review. Despite regulatory concerns, he defended the project in November, calling digital currencies “the wave of the future.”

He cited Alibaba’s Jack Ma, arguing blockchain adds value if managed properly. “People will buy Harapan Coin if linked to government use,” Samad told Free Malaysia Today.

Critics, including ex-Prime Minister Najib Razak, demand transparency to protect investors. The controversy highlights growing tensions between innovation and regulation in Malaysia’s crypto space.

In conclusion

Malaysia has announced that the final say on cryptocurrency approval concerning the introduction of cryptocurrencies into the country solely resides with the country’s central bank, Bank Negara Malaysia. According to the country’s finance minister, the central bank has to be consulted for the approval of all cryptocurrency projects.

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