The blockchain industry has been moving very rapidly across the world in the past few years and Malaysia is not any different. While there have been a lot of changes in the past few months especially with the prices of cryptocurrencies becoming more volatile than before.
Blockchains gaining traction in Malaysia
Malaysia’s regulators have been actively pushing the cryptocurrency market in the past 3 years at least. This is where several DAXs (Digital Asset Exchanges) has been granted approval to operate in the country.
Besides that, Malaysia has also been quite active in regulating the cryptocurrency market, and monitoring digital exchanges to ensure that the investors’ interests are protected and taken care of.
Meanwhile, there have been moves to push it further in the latest development where it was announced that there will be a joint effort to create the blockchain infrastructure for Malaysia.
Zetrix appointed for the mammoth task
An MOU (Memorandum of Understanding) was signed by Zetrix and MIMOS Technology Solutions Sdn Bhd (MTSSB).
The former is a renowned layer 1 blockchain structure company based in Malaysia while the latter is a tech consultancy firm. They will work closely together to create and then operate the blockchain infrastructure for the country.
A press release was issued recently where the project, which will be the national blockchain infrastructure, will be made available for all levels of all sectors both public and private.
On April 15, Zetrix launched Mainnet which is the platform created and developed by MyEG, Malaysia’s leading e-government services provider. MyEG mainly provides digital services for people across the country.
The launch event was attended by the Datuk Seri Ismail Sabri Yaakob in which an MOU was signed between MyEG and MTSSB. Also in attendance at the event was the Minister of Economic Planning and Ministry of Science, Technology and Innovation.
Zetrix is a firm that brings a lot of experience. It was recently announced as the international supernode of Xinghou BIF.
Xinghou BIF meanwhile is China’s national blockchain infrastructure. The platform was created for blockchain technology to be used for trade between international parties and China. This is considered to be highly significant considering the tight and strict regulations when it comes to digital assets and cryptocurrencies in China.
As for Malaysia, there have been a lot of positives coming along to become a crypto hub for the future in Asia. Some of the factors contributing to this include staying free from capital gains tax and having a bilingual economy.