Malaysia Proposes NFT Legalization as Natively-Malaysian NFT Marketplaces See Impressive Growth

The ministry's call stems from determining that many youth in that country are interested in NFTs and other forms of crypto technology. The country already has some thriving NFT marketplaces where users can connect a Metamask wallet to mint, buy or sell NFTs.

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According to reports, Malaysia’s Ministry of Communications and Multimedia has proposed legalizing non-fungible tokens (NFTs).  

According to the ministry, such legalization will assist the younger generation who are intensely interested in the space, according Bernama, Malaysia’s national news agency.

Furthemore, the Deputy Minister at the ministry, Datuk Zahidi Zainul Abidin, indicated to one of the country’s parliaments that they hope the government will authorize and legalize this in order to encourage the use of cryptocurrency among the youth.

The government is also looking into measures to promote young people’s involvement in digital assets according to the deputy minister.

The ministry’s call stems from determining that many youth in that country are interested in NFTs and other forms of crypto technology. The country already has some thriving NFT marketplaces where users can connect a Metamask wallet to mint, buy or sell NFTs.

Some of these Malaysian NFT marketplaces include:

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SEE ALSO: EXPLAINER GUIDE: How to Mint Your First NFT in 5 Easy Steps

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Legitimizing crypto, NFTs and all the valuable applications that have come up is something that can help to grow the industries in Africa and even create more opportunities for people across Africa.

Like Malaysia, African countries fall in the emerging markets category which have been found to witness a lot of interest in the new technologies, with young people driving the interest.

Analysis from last year, showed that countries like Kenya and Nigeria were leading in crypto adoption across the world..

2021 Global Crypto Adoption Index by Chainalysis

If that were not enough, another Chainalysis report determined that Togo was among the top countries in the world when it comes to DeFi adoption.

Legalization can help spur innovation and development widening opportunities for participants from all walks of life.

Other than straight legalization, entrepreneurs across the continent have called on governments to install regulations to govern crypto businesses since a lot of scammers have taken advantage of the new technology to scam gullible residents.

The call by the Malaysian ministry therefore is something that African governments should have their ears out to as well.

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RECOMMENDED READING: NFT Market Grew 21,000% in 2021 with 470 Wallets Making Over $1 Million, Says Latest March 2022 Report

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