Malaysian Finance Ministry: Cryptocurrency Adoption Remains Low

Malaysia’s crypto regulatory landscape to date “Although the impact of these projects has yet to be felt more widely, digital assets may well emerge as a part of the wider economy or recede into the background as a novelty, depending on the outcome of its usage,” the report is quoted as stating. The report took stock of domestic financial regulators’ work thus far, including Bank Negara Malaysia‘s amendment to  Anti-Money Laundering and Countering the Financing of Terrorism regulations in February 2018 to include requirements for digital asset service providers.

Meanwhile, the Securities Commission Malaysia (SC) updated its Guidelines on Recognised Markets to include regulatory requirements for digital asset exchanges (DAX), registering three DAX operators within its scope in May 2019. These span the Securities Commission’s Project Castor for unlisted and over-the-counter markets; Bank Negara Malaysia‘s blockchain-powered trade finance applications together with nine banking partners; the Ministry of Education's initiative to use blockchain for the issuance of qualifications, as well as as the basis of a higher education consortium and Bursa Malaysia's pilot blockchain project for securities borrowing and lending.

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