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Southeast Asia

Malaysia

Malaysia regulates crypto as securities: five SC-registered exchanges, offshore giants shut out, and BNM piloting ringgit stablecoins.

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Licences

What it takes to operate in Malaysia: 4 licences, who issues each, what it covers and who holds one.

Recognized Market Operator registration: Digital Asset Exchange (RMO-DAX)

SC · CMSA 2007 s.34; Guidelines on Recognized Markets, Chapter 15

Operating a platform for trading digital assets under the exchange model or the direct trade model.

What it takes
  • Locally incorporated with minimum paid-up capital of RM15 million
  • Shareholders' funds of RM5 million (RM7 million for direct trade) or 25% of annual operating costs, held in cash
  • At least one Institutional Corporation holding 5% or more with a board seat; directors complete the CMDP
  • At least 80% of client digital assets offline; an independent SC-registered custodian above RM500 million
  • Board-level listing assessments; privacy tokens banned; stablecoins need prior consultation with the monetary regulator
  • Reporting institution duties under AMLA and the SC's AML/CFT/CPF guidelines

Holders include

5holders, 20 Jul 2026Register

Initial Exchange Offering (IEO) operator registration

SC · CMSA 2007 s.34; Guidelines on Digital Assets, Part C

Hosting fundraising by issuers through offers of digital tokens on an IEO platform.

What it takes
  • Malaysian-incorporated company with minimum paid-up capital of RM5 million
  • Due diligence on each issuer, its business proposition and white paper disclosures
  • Issuer raises capped at 20 times shareholders' funds per 12 months, up to RM100 million
  • Issuers must hold at least RM500,000 in paid-up capital and shareholders' funds
  • New registrations are currently closed

Holders include

2holders, 5 Oct 2026Register

Digital Asset Custodian (DAC) registration

SC · Guidelines on Digital Assets, Part D (issued under CMSA 2007 s.377)

Safekeeping of clients' digital assets and private keys on behalf of investors and intermediaries.

What it takes
  • Minimum paid-up capital and shareholders' funds of RM500,000 each, maintained at all times
  • Fit and proper directors and controllers; a responsible person with five years' industry experience
  • Secured storage, industry-standard key management and multi-factor authentication for transactions
  • Client assets segregated from the custodian's own, with accurate and up-to-date records
  • Security arrangements in line with the SC's Guidelines on Technology Risk Management

Holders include

3holders, 5 Oct 2026Register

Capital Markets Services Licence (dealing in securities): digital asset broking

SC · CMSA 2007; Practice Note 1/2026

Licensed stockbrokers offering clients broking services in digital assets.

What it takes
  • Notify the SC in advance with a declaration validated by an auditor registered with the Audit Oversight Board
  • Source assets only from SC-registered exchanges or FATF-compliant regulated foreign platforms
  • Cash-upfront trades only; no margin, lending or discretionary trading
  • Client fiat and digital assets fully segregated, held with an SC-registered custodian unless the SC approves otherwise
No public count

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