Malaysia will allow crypto exchanges to independently list digital tokens starting in 2026, marking a major overhaul from the current regulator-led approval system.
Speaking at the Finternet 2025 Asia Digital Finance Summit, Wong Huei Ching, Executive Director of Digital Strategy and Innovation at the Securities Commission Malaysia, said the regulator will issue enhanced guidelines next year that will let exchanges list tokens based on their own governance processes rather than requiring case-by-case clearance from the SC.
Currently, cryptocurrencies are subject to a restricted listing process where each token must be reviewed and approved by the commission before it can be traded on any of the country’s six licensed exchanges.
At the moment, the regulator has approved only 19 tokens for trading, including major assets like Bitcoin, Ethereum, and Ripple, as well as others such as Solana, Cardano, and Polkadot.
However, under the updated structure, exchanges that meet the necessary standards will be allowed to evaluate and list tokens on their own, provided they maintain strict internal controls and transparency protocols.
Malaysia’s Securities Commission first proposed the liberalised framework back in July 2025 as part of a larger consultation on modernising digital asset exchange rules.
At the time, the regulator outlined its intent to accelerate token listing timelines, improve investor access, and reduce regulatory bottlenecks.
It also said that exchanges would be expected to strengthen internal governance and adopt tighter due diligence measures to complement their expanded responsibilities.
The latest reforms are likely coming in response to the rapid growth of Malaysia’s crypto ecosystem.
Over the past few years, the digital asset industry in the country has seen rising trading volumes, increasing user participation, and greater institutional engagement.
According to official data, total crypto trading volumes jumped from RM5.4 billion in 2023 to RM13.9 billion in 2024.
By 2025, more than 840,000 Malaysians had opened accounts on regulated platforms, and the country now ranks among the top ten globally for crypto ownership.
Crypto regulations across Asia
While Malaysia is moving toward a more flexible regime that allows exchanges to take the lead on token listings, other Asian jurisdictions have not been so open-handed when it comes to such autonomy, largely due to concerns over investor protection and other systemic risks.
For instance, in Hong Kong, the Securities and Futures Commission requires all licensed trading platforms to obtain explicit approval before listing any token for retail investors.
The city also enforces strict custody rules and limits retail access to a small list of large-cap cryptocurrencies like Bitcoin.
Similarly, in Japan, new tokens must first be reviewed and approved by the Japan Virtual and Crypto Assets Exchange Association.
While the country uses a self-regulatory model, the JVCEA holds veto power and places significant emphasis on user protection.
Thailand has maintained a tightly controlled list of approved cryptocurrencies and imposes strong oversight over all licensed entities in the sector.
And South Korea, although exploring cautious liberalisation through pilot programs, continues to enforce a stringent baseline of user protection laws and is moving toward a comprehensive legislative framework.
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