NFT, cryptocurrency legalisation will spark growth of new economy in Malaysia

KUALA LUMPUR: The Communications and Multimedia Ministry's (K-KOMM) recent proposal about legalising non-fungible tokens (NFT) and crypto mining activities has been well-received by the those in the local NFT and cryptocurrency industry.

A local startup founder involved in the NFT gamefi industry, Datuk Clifford Hii said that the industry welcomed it as a sign that the government recognised how important this new industry was and legalisation was the first step in bringing it into mainstream consciousness.

"Legalisation will boost the NFT and cryptocurrency industry in Malaysia.

"There is overwhelming interest in the industry not only among Malaysian youth but also the general population, but these potential investors and enthusiasts have been held back by their fear of the unknown, especially in terms of legality.

"When the legislation becomes a reality, I foresee a boom in the gamefi and fintech industries in the country, and Malaysians will be the ones who stand to gain from this economic growth," he told Bernama recently.

Hii is the founder of Metabond Group Sdn Bhd, the startup behind Malaysia's first ever NFT-powered massively multiplayer roleplaying game (MMORPG) called Soulbond, which is scheduled to be launched this March 26 at Future Trends Summit at PJPAC@1Utama.

Jonathan Quek, the founder of Future Trends, an academy that educates people about blockchains and cryptocurrency matters, concurred with Hii's assessment, saying that legalisation is a positive development for the budding industries of fintech and gamefi globally as well as Malaysia.

"News about cryptocurrency in Malaysia is usually about raids on illegal mining activities that steal electricity and the arrests of those involved in such crimes.

"This has created a negative perception towards the gamefi and fintech industries, with the general public thinking that it's all about scams and theft," he said.

Fellow Future Trend founder, Desmond Ong pointed out that legalisation would boost the confidence in people who are interested in NFT and cryptocurrencies and spur them on to enter the gamefi and fintech sector.

"With the suggested legalisation, the government is sending a very important message to everyone about NFTs and crypto activities - that they are legitimate industries with the potential of contributing to the country's economy on a large scale.

"It will hopefully encourage more Malaysians, especially youth, to learn more about NFTs and cryptocurrencies and perhaps join people like Jonathan, Clifford and I, who have been brave enough to try to build bright futures in this virtual frontier," he said.

-- BERNAMA