"People like Mark Zuckenberg and Bill Gates would not be able to conduct their development work for any IT project in Malaysia, because they do not have a degree to show for it. Smart or silly - let the citizens decide!"
Indirect way to regulate the alternative e-media?
"There is also speculation that the CPA11 is a cover for the BN to clamp down on the online and opposition media, using the far-ranging and awesomely discretionary scope of the law to get at the alternative e-press. At the rate the BN is going, soon even bloggers may have to reigister and seek approval before they can put up a page in cyberspace."
Source: Malaysia Chronicle
I also see it as government's way of enabling local graduates to be recognized for government and other local projects, much like how established professional bodies in accounting, architecture, engineering, law, medicine, surveying, and so on, were sidelined in favour of newly established and government sanctioned bodies. No matter how well known a professional is in his own field, he has to comply with such requirements before he can practise here.
We have seen how America's relatively greater freedom in expression in an environment which favours innovation and inventions has produced such greats as Bill Gates (Microsoft), Steve Jobs (Apple), Larry Page (Google) and Mark Zuckenberg (Facebook). The Bill is likely to stifle and discourage potentially innovative minds in favour of mindless copycats.