Malaysia Crypto Trading Hits Record $2.9B as Regulator Proposes Sweeping DAX Reforms
2025-07-01 10:05:37
Main Idea
Malaysia's digital asset trading hit a record $2.9 billion in 2024, prompting regulatory proposals to streamline token listings while enhancing oversight and governance.
Key Points
1. Malaysia's Securities Commission (SC) proposes reforms to allow certain tokens to list on regulated Digital Asset Exchange (DAX) platforms without prior approval, aiming to reduce time-to-market.
2. The consultation period for these reforms runs from June 30 to August 11, 2025, as part of broader efforts to position Malaysia as a leader in responsible fintech innovation.
3. Bank Negara Malaysia (BNM) announced plans in March 2025 to explore asset tokenization, digital tokenized deposits, and CBDCs, aligning with its 2022-2026 financial sector strategy.
4. Power theft linked to illegal crypto mining surged by 300%, with 2,397 cases reported in 2024, up from 610 in 2018, highlighting regulatory gaps in mining oversight.
5. The SC's proposed changes include enhanced governance obligations for DAX operators to ensure compliance with legal and risk requirements.
Description
Malaysia’s Securities Commission (SC) has proposed sweeping changes to its digital asset exchange (DAX) regulatory framework. This follows a sharp rise in digital asset trading, which hit a record RM13.9 billion ($2.9 billion) in 2024, more than double the volume recorded in 2023. According to the consultation paper released by the commission, the proposed updates aim to reduce time-to-market for new tokens while enhancing governance, investor protection, and platform resilience. Public Consulta...
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