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Liberalisation initiative underpinned by global industry development
Feb 23, 2026
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3 min read
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There has been greater regulatory clarity in major jurisdictions with the recent passage of key digital asset legislation, particularly in the US, which has provided the guard rails for traditional finance to enter the digital asset space.
Furthermore, the proliferation of institutional exchange- traded products signals greater interest from the traditional capital market players in digital assets.
Last June, the SC sought public feedback on proposed enhancements to the regulatory framework for digital asset exchanges (DAX) to bolster governance and resilience of onshore exchanges - including bigger institutional shareholding - while expanding the range of permissible assets.
"These refinements seek to encourage greater institutional participation, onshore digital asset activities and enhance market competition. All while ensuring that investor protection remains the bedrock of sustainable growth," it explains.
The regulator says the consultation received interest from a broad range of stakeholders, with 27 local and global respondents providing feedback. They include banks, capital market and digital asset players and blockchain firms.
A key proposal from industry players is the liberalisation of token listings, including empowering the DAX to assess and determine the suitability of the new assets to be listed on their platform, subject to fulfilment of certain requirements.
"We recognise that certain tokens carry heightened risk profiles. Accordingly, we sought feedback to refine RMO (recognised market operator) guidelines and ensure any regulatory shift is balanced by robust, community-informed safeguards. This input will inform the updated guidelines, targeted for release in the first half of 2026," the SC says.
Concurrently, the SC is engaging with DAX operators to ensure their readiness, including putting in place a robust risk management framework to govern the listing process and manage diverse token risk profiles effectively.
While the initial framework that governs the DAX allowed for organic growth, the SC says the market faced low institutional participation because of trust concerns and stiff competition from unregulated offshore platforms. The regulator aims to evolve the digital asset market from an entrepreneur-led space into a more robust, institutional-led ecosystem.
Source: Liberalisation initiative underpinned by global industry development (23 February 2026), The Edge Malaysia Newspaper WEALTH. p. W6.
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