Malaysia's Prime Minister Meets Binance Founder Changpeng Zhao to Discuss Web3, Blockchain Strategy

Malaysian Prime Minister Anwar Ibrahim met Binance Co-Founder Changpeng Zhao on April 22. The aim of the meeting was to discuss Malaysia's approach to engage with Web3 technologies like blockchain and digital assets. PM Ibrahim posted details about the meeting on X (formerly Twitter), claiming that he wishes to transform the Asian nation into a major Web3 hub. In the future, the country plans to continue engaging in similar conversation with international regulatory and financial bodies to chalk out a roadmap for Web3 adoption.

The Prime Minister called his meeting with Zhao “productive”. Zhao also posted on X that the meeting with the Malaysian leadership led to “great discussions”, without divulging elaborate details.

In his tweet, the Malaysian PM wrote, “it's clear that government leadership is essential in driving blockchain adoption—such as through digitisation and exploring tokenisation of financial instruments and other use cases.”

He plans to take steps to help Malaysia position itself at the forefront of global digital transformation. For this, he plans to continue dialogue with Malaysia's Securities Commission and the Bank Negara Malaysia. Officials from Malaysia's “Ministry of Digital” will also participate in these Web3-related discussions. Established in 2023, the Ministry of Digital in Malaysia is responsible for overseeing the national digitisation plans and agenda.

The Web3 sector, comprises sub-sectors like cryptocurrencies, blockchain, metaverse, and NFTs, and it is still largely unregulated on a global level. The UAE and the European Union (EU) are among the first regions to have deployed comprehensive Web3 regulations – to allow the sector to grow while protecting the interests of its industries and investors.

Malaysia has been tapping into the expertise of Web3-familiar lawmakers and industry insiders. In January this year, for instance, PM Ibrahim met with UAE officials to discuss the formulation of a supportive policy framework for cryptocurrencies. At the time, the Malaysian PM had met with Zhao – marking their first meeting.

Zhao co-founded Binance in 2017. Earlier this month, he was also appointed as a strategic advisor to Pakistan's recently formed Crypto Council.

He stepped down as the CEO of Binance in 2023 after a $4.3 billion (roughly Rs. 36,745 crore) settlement with US authorities over anti-money laundering violations. He pleaded guilty to the charges and was sentenced to four months in prison.

Despite his history at the helm of Binance, Zhao remains the majority shareholder of what's touted as the world's largest crypto exchange.