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Global FinTech Guide
Name
Global FinTech Guide
Country _ Name
Malaysia
SectionTitle
DLT and cryptocurrencies
Body
FinTechs belonging to this category offer financial services using crypto currencies. This category also includes FinTechs utilising blockchain and distributed ledger technologies (
DLT
) upon which Bitcoin and Ethereum are based, among others. FinTechs develop and do research in this field in order to create new services – e.g. crypto currency exchange markets, wallet providers, NFTs-related services, new payment services, "smart contracts" or new clearing and settling services.
Introduction
Attitude of the country towards financial services using crypto currencies
Recent years have seen the rise in the popularity of crypto currency, which is recognised as a digital asset, with about
RM 21 billion in digital assets traded in Malaysia in 2021
. Although there are legal frameworks in place to regulate the trading of cryptocurrencies as a digital asset, crypto currencies are
not recognised as valid legal tender
due to the volatility of digital currencies and high exposure to cyber threats.
Legal affairs
Obligations and requirements to provide financial services using crypto currencies described above
Crypto currency trading platforms are required to be registered as a Digital Asset Exchange (“
DAX
”) with the SC under the RMO Guidelines. DAX operators must be a locally incorporated entity and have a minimum paid up capital of RM 5 million (approximately USD1,140,000).
The
registration fee
for recognised market platform operators is RM5,000 (approximately USD1,440).
Additional comments regarding the legal situation for financial services using crypto currencies or what FinTech’s must be aware of in this business area
Under the RMO Guidelines, DAX operators must abide by the requirements imposed therein which include implementing appropriate policies and procedures to manage conflicts of interest and risk management.
Economic conditions
Market size for financial services using crypto currencies and biggest companies in this business area
It is
estimated
that over one (1) million people, 3.1% of Malaysia’s total population, currently own crypto currency. Currently, there are only
four SC-recognised DAX operators
in Malaysia: Luno Malaysia Sdn. Bhd., MX Global Sdn Bhd, SINEGY Technologies (M) Sdn. Bhd., and Tokenize Technology (M) Sdn. Bhd.
Additional comments regarding the economic situation for financial services using crypto currencies or what FinTech’s must be aware of in this business area
N/A.
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Authors
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Name
Organisation
Email
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Teo Wai Sum
Lee Hishammuddin Allen & Gledhill
[email protected]
0
2137
Eleena Abd Wahab
Lee Hishammuddin Allen & Gledhill
[email protected]
0
2137
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