Monday Jun 12, 2023

Malaysia’s Crypto Regulations and Role of Third Party Custodians for Consumer Protection

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 

Related resources

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Speakers on today’s episode

  • Ian Andrews * Host * (Chief Marketing Officer, Chainalysis) 
  • Fadzli Shah  (Chief Executive Officer, MX Global)

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