Malaysia is taking a proactive approach to regulations on cryptocurrencies. Earlier this year, the Malaysian Securities Commission classified cryptocurrencies, tokens, and crypto assets as securities; ICOs and cryptocurrency exchanges in the country now require authorisation to operate legally. Despite the blanket treatment, the Malaysian government still maintains a positive outlook on the potential of cryptocurrencies and blockchain technology in both traditional and innovative industries.
In June 2019, the Malaysian Securities Commission announced it has conditionally approved three companies to operate cryptocurrency exchanges in Malaysia and has given them nine months to comply with registration requirements. Furthermore, Malaysian government is piloting a work visa program targeting tech freelancers to work in Malaysia for a short term in order to fulfil a growing demand for blockchain talents.
On the 15th and 16th of August, the Bloconomic Expo 2019 was jointly organised in Putrajaya by the Malaysia Blockchain Association and Alphacap Berhad to address the erroneous perception people have about blockchain and to promote the advantageous properties it offers, both socially and commercially. The Expo attracted government delegates from MaGIC (Malaysian Global Innovation & Creativity Centre), YB Datuk Seri Mohd Redzuan, Minister of Entrepreneur Development, as well as keynote speakers from the crypto space such as NEO founder, Da HongFei, and Dash NEXT co-founder, Felix Mago.
The presence of the Malaysian Minister at the Expo is a great sign of the Malaysian government’s support and commitment to recognising blockchain business and technology.
Many exhibitors, fintech companies, blockchain incubators and other industry senior executives gathered to discuss the use of blockchain in various fields such as banking and finance, privacy, academy and regulations. The Expo also included project pitches, panel discussion, exhibition booths, and a ceremonial party–fostering brand exposure and networking opportunities.
Some of the key panel discussion topics are outlined below:
- Economy evolution to decentralised technology
- Blockchain in Social Impact; Digital Society towards 4.0
- State of Blockchain Regulation: Policy & Compliance in Building Decentralised World
- Public Perception in Blockchain; Safety and Privacy Matters
- The Adaptation Blockchain in Fintech & Banking; E-wallet, e-payment & cross boarder remittance
- Fusing 5G Technology & Blockchain
- STO, ICO and IEO mechanism & challenges in fundraising fundamental
Clarence Liu, VP of Development of Elastos Foundation, was invited as a speaker to join a panel discussion on blockchain talent development. He said that it is encouraging to see the Malaysian government and business institutions taking initiative and driving blockchain technology adoption to solve real-world issues. The use of blockchain technology has been gaining traction in Malaysia and the pace of such development is much faster than the United States.
Furthermore, Clarence gave examples of how blockchain technology could drastically change the traditional revenue models adopted by the music industry as well as the shift of obligation of controlling and proving one’s identity from KYC solution providers to users themselves.
Sponsored by Cyber Republic, the Malaysia CR Region team ran a booth at the Expo. Over the two days of the Bloconomic Expo, Elastos’ booth attracted a large number of visitors, including investors, developers, and industry executives. The team pitched how Elastos as a public blockchain with Ethereum as a sidechain (100% backward compatible) is much more secure (about 3x more expensive to attack), faster (500+ TPS), and about 60x cheaper than using Ethereum’s network alone. The fact that Elastos is merge-mined with Bitcoin with over 50% hash rate secured as of today’s date has further garnered the interest of booth visitors to learn more about Elastos.
Clarence has also been approached by several industry senior executives at the booth to understand how Elastos can be used in real-world applications, such as storing medical records and land registries on blockchain. There were developers, students, and lecturers from universities who expressed their interest in the Cyber Republic Consensus and how Elastos is building towards a true Decentralised Autonomous Organisation (DAO). They were truly amazed by how Elastos’ community has the power to elect (i.e. rights for voting) and fund projects they deem beneficial to the ecosystem through the CR Suggestions and CR Proposals features on CR’s website.
The participation in this Expo has allowed the CR Region Malaysia team to target their audience: people who are genuinely interested in the solutions that Elastos can offer and can generate potential leads in terms of DApps development, use of sidechain, and brand promotion.
It is apparent that the team is making steady progress to fulfil the three main areas of focus for the CR Region Initiative: brand recognition, marketing, community growth and business development, and autonomy and independence.
Developing a strong regional community in a thriving territory like Malaysia is in line with the goals of the CR Regions Initiative. The team has been putting in great effort to follow up with all qualified leads after the event; hopefully, they can turn into them into mutually beneficial partnerships.
Stay tuned for more updates!