Malaysia’s Crypto Regulations and Role of Third Party Custodians for Consumer Protection
Public Key
The Rise of Staking in the US
In the US, we're seeing some adverse rulings from regulators about the ability to offer staking products. Is that even legal in the Malaysian market? It's not something that's outright illegal, but it's something that we're working through with the regulators. So I think for networks staking, especially now with the recent upgrades and the Ethereum network, we might be looking at a product like that.
Malaysia's Crypto Regulations and Role of Third Party Custodians for Consumer Protection
Our APAC focused episodes continue as Ian Andrews ventures into discussions about Malaysia with the CEO of MX Global, Fadzli Shah and discovers why Malaysia is one of the strictest crypto regulatory environments in Asia.
Fadzli describes the Malaysian Crypto Regulations compared to other jurisdictions in the APAC region and substantiates the clarity in legislation as cryptocurrency is deemed as a security and the burden and onus of regulation and compliance are on the cryptocurrency exchanges.
The conversation covers the importance of the mandatory third party custodianship and how that has helped with consumer protection and segregation of funds. He also describes the rate of institutional adoption and the best use cases to come out of the emerging Malaysian blockchain ecosystem.
Minute-by-minute episode breakdown- (2:35) - Fadzli early foray into crypto and the challenges of getting the required licenses for MX Global in Malaysia
- (5:58) - Does Malaysia have one of the more stricter crypto regulations in Asia?
- (8:45) - Is Bitcoin and Ethereum and other crypto considered securities in Malaysia?
- (12:38) - In Malaysia the regulators regulate the operators not the public when it comes to crypto
- (15:45) - Thoughts on CBDCs and the evolution of digital payment transactions in Malaysia
- (19:34) - The crypto demographic in Malaysia and the most common and unique use cases
- (23:05) - Understanding the institutional adoption of crypto in Malaysia and what it means to hold crypto on the books
- (26:15) - Is Singapore still trying to be a crypto friendly jurisdiction?
- (29:25) The future of digital assets may be real world utility for NFTs and other blockchain technology
Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.
- Website: MX Global: The safest and easiest way to buy and sell digital currencies such as Bitcoin & Ethereum.in Malaysia
- Chainalysis LinkedIn: Key House Republicans Unveil Crypto Market Structure Draft Bill
- Blog: ComplyAdvantage - Malaysia Cryptocurrency Regulation - Is it Legal?
- Article: MX Global secures capital injections from Binance and Cuscapi to fund growth plans
- Article: Institutional adoptions of cryptocurrency still slow, says MX Global
- Announcement: Cybersecurity Malaysia, MX Global sign MoU
- Chainalysis On-Demand: Chainalysis Links Amsterdam 2023 On-Demand
- YouTube: Chainalysis YouTube page
- Twitter: Chainalysis Twitter: Building trust in blockchain
- Tik Tok: Building trust in #blockchains among people, businesses, and governments.
- Ian Andrews * Host * (Chief Marketing Officer, Chainalysis)
- Fadzli Shah (Chief Executive Officer, MX Global)
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