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Malaysia Takes Early Steps to Develop its Blockchain Industry

Last Updated March 4, 2021 4:55 PM
Samburaj Das
Last Updated March 4, 2021 4:55 PM

An independent Malaysian non-profit industry-government group is leading the effort to foster and develop the local blockchain industry in the country.

The Malaysian Industry-Government Group for High Technology (MiGHT), an industry-government think tank that advocates and develops the country’s high technology agenda, is taking the first steps toward establishing Malaysia’s blockchain industry.

MiGHT is collaborating with Bloktex, a cryptocurrency and blockchain advocacy body based in the Malaysian capital of Kuala Lumpur, toward this effort, according to a regional report .

The industry-government collaborative is notably tasked to support the country’s science advisor while established under the purview of the Prime Minister. Fundamentally, the public-private think tank helps develop policies and offers strategic advice to the government.

Speaking during the inaugural Kuala Lumpur blockchain conference, MiGHT Blockchain Programme director Mastura Ishak revealed:

Malaysia has started looking at blockchain since last year and although it is a relatively new industry with only a few global players, we believe Malaysia can excel if we focus on a nice segment within the industry.

While details are scarce, the two-day conference co-hosted by MiGHT and Bloktek marks a notable chapter with a state-backed body encouraging blockchain development in the country.

“We are seeing encouraging response from foreign players who are interested to set up centers of excellence for blockchain her to educate the younger generation,” the official added.

One notable outcome is the exposure gained by bitcoin’s underlying innovation with Bloktex pushing for awareness. The advocacy body, which educates authorities on blockchain technology and collaborates with crypto-entrepreneurs, has notably communicated with government-connected companies toward providing blockchain solutions.

Bloktex chief financial officer Ahmad Suhairi Samsudin stated:

The government is also very open to this technology. MiGHT has introduced us to a few government-linked companies which are interested in working with us to make their servers more secure [with blockchain technology].

Featured image of Kuala Lumpur from Shutterstock.