KUALA LUMPUR (Jan 16): The Securities Commission Malaysia (SC) has expressed its support for Prime Minister Datuk Seri Anwar Ibrahim’s commitment to exploring a digital finance policy embracing cryptocurrency and blockchain technology.
On Wednesday, Anwar revealed that he had held discussions with the UAE government, as well as cryptocurrency and blockchain giant Binance to explore the idea of drafting a policy on digital finance.
In a statement on Thursday, the SC said the initiative is in line with its key priorities to position Malaysia as a key player in the global digital finance landscape, complementing the nation's digital transformation agenda.
SC chairman Datuk Mohammad Faiz Azmi noted that the capital markets regulator has been actively shaping the regulatory landscape for digital assets, including cryptocurrency, since 2019.
“We are ready to work with all relevant agencies, including Bank Negara Malaysia, to further develop Malaysia as an innovative and responsible digital finance hub,” he said.
The SC regulates digital assets in Malaysia through the Capital Markets & Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 which puts in place guidelines to regulate offering and trading of digital assets.
The list of permissible digital assets in Malaysia includes bitcoin, bitcoin cash, cardano, chainlink, ethereum, litecoin, ripple, solana and uniswap.
Meanwhile, six digital asset exchanges have been recognised as market operators by the SC.
Average daily trading value of cryptocurrencies fell to RM14.88 million in 2023 from RM25.73 million in 2022, according to the SC's annual report 2023. The overall traded value in the exchanges, however, remained small at 0.97% against Bursa Malaysia's market capitalisation.