For the third consecutive year, the Malaysian government continues to invest millions in eSports and high performance sports
For the third year running, the Malaysian government has directed millions to develop the eSports sector in the country. However, the newly-announced eSports budget for next year is less than the allocated amount for this year.
The Malaysian government has assigned over US$3.6 million (RM 15M) for the development of eSports, as part of its annual budget – Belanjawan 2021.
In 2019, the Malaysian government allocated US$2.4 million (RM 10M) for the local eSports sector while it invested the amount of US$4.8 million (RM 20M) this year.
Finance Minister of Malaysia, Tengku Zafrul Tengku Aziz, revealed that the budget allocation for eSports is part of a US$13.3 million (RM 55M) investment in high-performance sports in the country, including female athletes as well as other less high-profile sports such as hockey, rugby, badminton and cycling.
The cause for the reduction of Malaysia’s eSports budget next year remains unclear. However, what is clear is that, the Minister of Youth and Sports, Reezal Merican Naina Merican, will be deciding how the eSports budget will be used.
Experts, however, are not expecting the growth seen by the sector to continue in the long term. This could further help Malaysia establish themselves as the new online gaming hub as a few days ago the Securities Commission of Malaysia (SCM).
However, experts are not expecting the sector to continue its growth in the long term.
In other news, Malaysia is striving to become the new online gaming hub. A few days ago the Securities Commission of Malaysia (SCM) introduced new guidelines to protect a range of businesses that deal with digital currencies. These businesses will include custodian services and Initial Exchange Offerings (IEOs) and the guidelines are designed to promote "responsible innovation in the digital asset space, while at the same time managing emerging risks and safeguarding the interests of issuers and investors," as stated by the SCM.
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