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Malaysia Proposes Fast-Track Crypto Asset Listings With Tight Custody Rules
On July 1, SC Malaysia released a consultation paper proposing a rule that allows digital asset exchanges to list certain crypto assets without prior approval.
To qualify, an asset must have traded for at least one year on a FATF-compliant platform and must provide a publicly available security audit. Under the proposed system, the exchange would take full responsibility for the listing decision.
According to SC Malaysia, the change is designed to reduce listing delays while holding exchanges accountable.
High-Risk Tokens Under Review: Privacy Coins and Memecoins
The regulator requested feedback on whether certain high-risk assets should be included in the fast-track listing process. These include privacy coins such as Monero (XMR), priced at $262.02 on July 1.
SC Malaysia cited transparency concerns, stating such assets could increase risks linked to money laundering and terrorism financing.
The paper also highlights memecoins, known for following online trends, and tokens with low market demand, such as early-stage utility tokens. The regulator is assessing whether these types pose risks too high for inclusion.
Stricter Crypto Custody Rules for Exchanges
SC Malaysia also proposed new rules for how digital asset exchanges handle user funds. Exchanges must separate customer assets from company assets and identify a Malaysia-based senior officer to oversee wallet management.
They must also implement internal policies to reduce risks tied to misused or lost funds. Exchanges that hold assets would need to register as a digital asset custodian or work with an SC-approved custodian.
“This would relate to mitigating the risk of loss or misuse of customers’ assets and facilitating movement of digital assets,”
SC Malaysia stated.
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