Malaysia launches Digital Asset Hub to test stablecoin, programmable money
On Tuesday, Prime Minister Anwar Ibrahim announced the initiative during the Sasana Symposium 2025 in Kuala Lumpur, according to a report by The Business Times. He described the hub as the 'beginning of a new chapter' for Malaysia's digital economy.
Ibrahim said the sandbox will allow use cases such as programmable payments, ringgit-backed stablecoins and supply chain financing to be explored in a controlled environment.
'Our ambition is clear — to align infrastructure, policy and talent across both the public and private sectors in pursuit of a digitally capable, future-ready Malaysia,' said Anwar. Malaysia eyes fintech lead
The hub sits at the heart of Malaysia's broader push to become a regional fintech hub. During the event, the governor of the Central Bank of Malaysia, Abdul Rasheed Ghaffour, said the country needs to modernize its financial infrastructure to remain relevant in a rapidly evolving ecosystem.
He cited ongoing efforts such as the modernization of the Rentas payment system, cross-border payment connectivity and exploration of asset tokenization as essential to building long-term resilience.
In April, Anwar met with Binance founder Changpeng Zhao. Despite Zhao's legal issues and a 2021 reprimand from Malaysian authorities, Binance later entered the market through a minority stake in MX Global, which operates under local regulatory oversight. Singapore takes a different path
Malaysia's digital asset sandbox comes as Singapore is tightening its reins. On May 30, the Monetary Authority of Singapore (MAS) announced that any firm or individual providing overseas digital token services without proper licensing must cease operations.
The country set a June 30 deadline 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. The MAS said there will be no transitional arrangements; firms must obtain a license or cease operations.
Under Section 137 of the Act, any Singapore-based entity offering DT services abroad is presumed to operate from Singapore and must comply with licensing rules. Violators face fines of up to 250,000 Singaporean dollars ($200,000) and up to three years in prison.
Source: https://cointelegraph.com/news/malaysia-launches-digital-asset-sandbox-to-test-stablecoins
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