Malaysia
MalaysiaMalaysia regulates crypto as securities: five SC-registered exchanges, offshore giants shut out, and BNM piloting ringgit stablecoins.
Key Regulatory Progress
Every law, rule and official guide on crypto in Malaysia: 8 apply today, and the rest show what's coming and how regulators read the rules. Each is explained in plain words and linked to the official original.
Last checked against the originals on 5 Oct 2026.
Core framework
The primary statutes that define crypto assets and who may deal in them.
- In forceApplies today
Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019
P.U.(A) 12/2019, in force from 15 January 2019 and amended by P.U.(A) 6/2025, prescribes qualifying digital currencies and digital tokens as securities. It is the legal hook for all SC regulation of crypto.
Read the original - GuidanceNot binding law
Joint Statement on Regulation of Digital Assets in Malaysia
Allocates digital asset offerings and exchanges to the SC, while payment-function tokens must also meet BNM rules. BNM restates that digital assets are not legal tender.
Read the original
Exchanges & custody
Licensing, conduct and custody rules for trading platforms and service providers.
- In forceApplies today
List of Registered Digital Asset Exchanges
Official register of recognised market operators running exchanges, listing five operators as of 20 July 2026. It also names platforms barred from operating since 2019.
Read the original - In forceApplies today
Guidelines on Recognized Markets (SC-GL/6-2015(R14-2026))
Chapter 15 sets the DAX regime: RM15 million paid-up capital, an institutional shareholder, operator-led listing assessments and at least 80% offline storage of client assets. The current revision took effect on 20 May 2026.
Read the original - In forceApplies today
Practice Note 1/2026: Offering of Broking Services for Digital Assets
Lets stockbrokers holding a Capital Markets Services Licence offer digital asset broking after notifying the SC. It requires cash-upfront trades, no margin and full segregation of client assets.
Read the original - In forceApplies today
Guidelines on Digital Assets (SC-GL/1-2020(R3-2024))
Sets registration and conduct rules for IEO operators, token issuers and digital asset custodians. First issued in 2020, the current revision dates from 19 August 2024.
Read the original - GuidanceNot binding law
SC Issues Revised Guidelines on Recognized Markets for Digital Asset Exchange
Explains the 2026 overhaul and reports RM17.14 billion of 2025 trading on regulated exchanges. It also notes action against four unregistered exchanges and plans to bring DAX operators into the Financial Markets Ombudsman Service.
Read the original - GuidanceNot binding law
Digital Assets (SC overview and list of registered operators)
SC landing page listing registered DAX operators, IEO operators and digital asset custodians, with application routes. It notes that IEO registration is currently closed.
Read the original - GuidanceNot binding law
SC Registers Three Digital Asset Exchanges
Announces the first registrations: Luno Malaysia, SINEGY Technologies and Tokenize Technology. Unapproved exchanges were told to cease operations and return client assets.
Read the original - SupersededReplaced
Public Consultation Paper No. 3/2025: Proposed Amendments to Guidelines on Recognized Markets (Digital Asset Exchange)
Proposed the liberalised listing framework and tougher financial, shareholding and custody rules for exchanges; comments closed on 11 August 2025. Superseded by the revised Guidelines on Recognized Markets in force from 20 May 2026.
Read the original
Stablecoins & payments
Issuance, reserve and redemption rules for fiat-referenced tokens and payment tokens.
- GuidanceNot binding law
Digital Asset Innovation Hub (DAIH)
BNM's testing platform for blockchain use cases, listing the ringgit stablecoin and tokenised deposit pilots and the tokenisation industry working group. Updated as at 30 July 2026.
Read the original - GuidanceNot binding law
Digital Asset Innovation Hub Charts 2026 Strategy with Focus on Ringgit Stablecoins and Tokenised Deposits
Announces three wholesale payment pilots for ringgit stablecoins and tokenised deposits in 2026. BNM commits to greater clarity on both by end-2026.
Read the original
Tokenisation & securities
Security tokens, RWA, funds and ETFs.
- In forceApplies today
Guidelines on Exchange-traded Funds (SC-GL/ETF-2005(R6-2026))
The sixth revision, effective 2 March 2026, allows digital currency ETFs that track spot prices of eligible digital currencies. Assets must be bought through SC-registered exchanges or FATF-compliant regulated foreign platforms, and coins built to impede traceability are excluded.
Read the original - ConsultationDraft out for comment
Public Consultation Paper No. 1/2025: Proposed Regulatory Framework for Offering and Dealing in Tokenised Capital Market Products
Proposes how tokenised shares, bonds and funds can be offered and dealt in under existing securities law, separate from the digital currency and token regime. Comments closed on 16 June 2025; no final framework had been issued by October 2026.
Read the original - GuidanceNot binding law
Khazanah Leads Malaysia's First Tokenised Sukuk Pilot in Collaboration with the SC
Records the pricing of a RM100 million tokenised sukuk under Khazanah's Sukuk Danum Programme. It is the first live test of tokenised debt in Malaysia's capital market.
Read the original - GuidanceNot binding law
SC Registers Two Initial Exchange Offering (IEO) Operators
Registers Kapital DX and Pitch Platforms as IEO operators. Issuers can raise up to RM100 million through digital token offerings on these platforms.
Read the original
AML & travel rule
Anti-money-laundering obligations and the FATF travel rule.
- In forceApplies today
Guidelines on Prevention of Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing and Targeted Financial Sanctions for Reporting Institutions in the Capital Market
AML/CFT rules for capital market reporting institutions, including registered exchanges and other digital asset intermediaries. Last revised on 13 June 2024.
Read the original - In forceApplies today
Policy Document on AML, CFT, CPF and Targeted Financial Sanctions for DNFBPs and Non-Bank Financial Institutions
Consolidated BNM policy document that covers digital currency exchangers among other reporting institutions under AMLA. It took effect on 6 February 2024.
Read the original - GuidanceNot binding law
Virtual Asset Risk Assessment (VARA) 2024: Executive Summary
Malaysia's national assessment of money laundering and terrorism financing risks from virtual assets and service providers for 2020 to 2022. It confirms onshore crypto exchange is treated as dealing in securities.
Read the original - SupersededReplaced
Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT): Digital Currencies (Sector 6)
First AML/CFT rulebook for crypto exchangers listed in Paragraph 25 of the AMLA First Schedule. Its requirements now sit in BNM's consolidated DNFBP and NBFI policy document.
Read the original
Tax
How gains, income and transactions are taxed.
- GuidanceNot binding law
Guidelines: Tax Treatment on Digital Currency Transaction (Second Edition)
Garis Panduan Layanan Cukai ke atas Transaksi Mata Wang Digital
Explains that gains are taxable only if revenue in nature, judged by the badges of trade, and that digital currency disposals fall outside capital gains tax. It also covers mining, payments received in crypto and airdrops.
Read the original
Investor protection
Market abuse, disclosure, advertising and retail safeguards.
- GuidanceNot binding law
Investor Alert List
Public list of unauthorised entities and websites, including a digital assets section. Investors are urged to check it before dealing with any platform.
Read the original - GuidanceNot binding law
SC Takes Enforcement Action against Bybit for Illegally Operating DAX in Malaysia
Reprimands Bybit and its CEO for running an unregistered exchange, an offence under section 7(1) of the CMSA. The SC reports that Bybit complied with orders to shut its Malaysian-facing platforms.
Read the original - GuidanceNot binding law
SC Takes Enforcement Actions on Binance for Illegally Operating in Malaysia
Reprimands Binance and orders it to disable its website and apps in Malaysia and stop marketing to Malaysians. Investors were advised to stop trading on the platform and withdraw their funds.
Read the original - GuidanceNot binding law
Statement on Bitcoin
States that bitcoin is not legal tender in Malaysia and that BNM does not regulate it. The public is warned to be cautious of the risks.
Read the original
Banks & prudential
What banks may hold, custody or issue.
- ConsultationDraft out for comment
Discussion Paper: Asset Tokenisation in the Malaysian Financial Sector
Sets out BNM's exploratory stance and a three-year roadmap from proofs of concept to pilots for tokenised financial services. Feedback closed on 1 March 2026; BNM has not yet issued a policy in response.
Read the original
CBDC & tokenised money
Central-bank digital currency and tokenised deposit programmes.
- GuidanceNot binding law
BIS Innovation Hub and central banks of Australia, Malaysia, Singapore and South Africa develop experimental multi-CBDC platform for international settlements
Reports completion of Project Dunbar prototypes for cross-border settlement in multiple wholesale CBDCs. It anchors BNM's wholesale CBDC work.
Read the original - GuidanceNot binding law
Financial Sector Blueprint 2022-2026: Digital currencies, a new frontier
Sets out BNM's phased CBDC exploration, from cross-border and domestic wholesale CBDC to a possible retail CBDC. It frames how BNM weighs stablecoins and CBDC against monetary stability.
Read the original
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