Malaysia’s Crypto Regulations and Role of Third Party Custodians for Consumer Protection
Public Key
The Regulation of Cryptocurrencies in Malaysia
Malaysia's regulator says all digital assets are considered to be securities. Bitcoin, Ethereum and seven other coins have been classified as securities. Local demand is very important in the Malaysian context because we have fiat linked centralized exchanges.
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)
This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein.
Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material.
Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material.
Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company.
The AI-powered Podcast Player
