Malaysia has launched its Digital Asset Innovation Hub plan, which will serve as a regulatory sandbox allowing fintech and digital asset companies to test new technologies under the supervision of the Central Bank of Malaysia.
According to The Business Times, Malaysian Prime Minister Anwar Ibrahim announced the initiative on Tuesday at the Sasana Symposium 2025 held in Kuala Lumpur. He described the hub as the "beginning of a new chapter" for Malaysia's digital economy.
Anwar stated that the sandbox will allow for the exploration of use cases such as programmable payments, ringgit-backed stablecoins, and supply chain financing in a controlled environment.
"Our goal is clear— to coordinate infrastructure, policies, and talent between the public and private sectors, pursuing a Malaysia that is digitally capable and future-oriented," Anwar said.
The hub is at the core of a broader push for Malaysia to become a regional fintech hub. During the event, Bank Negara Malaysia Governor Abdul Rasheed Ghaffour mentioned that the country needs to modernize its financial infrastructure to remain relevant in a rapidly evolving ecosystem.
He highlighted ongoing efforts such as the modernization of the Rentas payment system, cross-border payment connectivity, and the exploration of asset tokenization, all of which are key to building long-term resilience.
In April, Anwar met with Binance founder Changpeng Zhao. Despite Zhao facing legal issues and Binance being criticized by Malaysian authorities in 2021, the exchange later entered the market by holding a minority stake in MX Global, which operates under local regulatory oversight.
The launch of Malaysia's digital asset sandbox comes as Singapore tightens regulations. On May 30, the Monetary Authority of Singapore (MAS) announced that any company or individual providing overseas digital token services without proper licensing must cease operations.
The country set a deadline of June 30 for local crypto service providers to stop offering digital token (DT) services to overseas markets unless licensed under the Financial Services and Markets Act 2022. MAS stated there would be no transitional arrangements; companies must obtain a license or stop operating.
Under Section 137 of the Act, any entity in Singapore providing DT services overseas will be presumed to be operating from Singapore and must comply with licensing rules. Violators could face fines of up to SGD 250,000 (USD 200,000) and a maximum of three years in prison.
Related: Cryptocurrency regulation needs more tech experts, not suited bureaucrats
Original: “Malaysia Launches Digital Asset Hub to Test Stablecoins and Programmable Currency”
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