Digital Ministry Examines Key Components Of Blockchain Technology Development Policy

KUALA LUMPUR, Nov 3 (Bernama) -- The Ministry of Digital is examining the main components to formulate policies and directions for the development of the country’s blockchain technology.

Digital Minister Gobind Singh Deo said the components include the adoption of blockchain technology to improve the efficiency, security and transparency of the government administration sector, industry and the people.

He said that the application of blockchain technology through tokenisation will also be studied, especially in the areas of asset management and capital market development, to ensure transaction security and the stability of the digital ecosystem.

“The government is developing a regulatory framework for asset tokenisation in an integrated manner through the Securities Commission Malaysia and Bank Negara Malaysia,” he said in a question-and-answer session at the Dewan Rakyat today.

He was replying to a question from Syerleena Abdul Rashid (PH-Bukit Bendera) regarding the initiatives outlined in the National Blockchain Roadmap 2021-2025 and plans to introduce a regulatory framework or specific legal framework relating to asset tokenisation and blockchain.

The ministry has established a National Blockchain Policy Task Force, comprising experts and individuals with experience in blockchain technology from both the public and private sectors, to foster synergy in developing a comprehensive and inclusive national blockchain policy and direction.

Meanwhile, replying to Syerleena’s additional question regarding the ministry’s steps to ensure that local workers are prepared in the blockchain field, Gobind said the matter is being studied as part of the development of the National Blockchain Policy led by his ministry. 

He said that among the main aspects emphasised are inclusive education, training based on industry needs, and attracting global talent through a “whole-of-nation” approach, combining close collaboration between the government, industry, and academic institutions. 

“In addition, among the key strategies being considered in ensuring the local workforce is ready in the blockchain field are to empower higher education institutions, strengthen workforce readiness and industry matchmaking, as well as increase professionalism and global mobility,” he added.

-- BERNAMA