According to the announcement released on Monday (July 1), regulators are considering easing the framework for listing digital assets on exchanges. The new proposal states that exchanges can list digital assets that meet specific criteria without explicit approval.
The announcement noted: "This move aims to accelerate the speed of product listings, strengthen the responsibilities of cryptocurrency exchange operators, and diversify the range of products."
Under the new regulations, exchanges must take full responsibility for each asset they list. Proposed assets must undergo a security audit, and the audit results must be disclosed to the public. Additionally, these assets must have been traded on platforms that meet the Financial Action Task Force (FATF) standards for at least one year.
The SC is soliciting industry opinions on whether high-risk asset categories, including highly private cryptocurrencies like Monero (XMR), are suitable for trading: "Some digital assets attract individuals involved in illegal activities due to a lack of transparency, thereby posing higher risks of money laundering and terrorist financing."
Furthermore, regulators are also seeking opinions on assets "aimed at following internet trends or popular culture," commonly referred to as meme coins. The primary risk of such tokens lies in their extreme volatility.
The announcement also mentioned that stablecoins, tokenized assets, and exchange-native tokens are under scrutiny due to potential conflicts of interest. For emerging utility tokens with lower market demand, regulators similarly hope the industry will provide feedback on their high-risk attributes.
The SC also proposed tightening requirements regarding the security and governance of customer assets. Digital asset trading operators will need to adhere to stricter regulations, including the necessity of implementing isolated management of user assets.
Exchanges must meet new minimum financial thresholds and establish relevant policies and procedures to reduce the risk of user asset loss or misappropriation, while ensuring timely repayment of user funds in the event of bankruptcy. Additionally, the new regulations require institutions to designate a senior management personnel residing in Malaysia, specifically responsible for wallet management: "This helps reduce the risk of customer asset loss and misuse, promoting the circulation of digital assets."
Finally, cryptocurrency exchanges that hold user assets must register as digital asset custodians or hire custodians already registered with the SC to provide custody services.
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Original: “Malaysian Regulator Proposes Easing Cryptocurrency Listing Process”
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