Malaysia’s Central Bank Eyes Asset Tokenization, Downplays Crypto Impact
Bank Negara Malaysia (BNM), the country’s central bank, has released its 2024 annual report, outlining its stance on digital assets. The report reveals a keen interest in the potential of asset tokenization to enhance the efficiency of the financial system, while also emphasizing a cautious approach towards cryptocurrencies.
The central bank’s report indicates that the Malaysian crypto market, while active, remains relatively small compared to the overall domestic financial market. According to BNM, cryptoassets represent less than 1% of total banking system deposits and around 0.4% of the market capitalization of securities listed on Bursa Malaysia as of end-2024.
However, the report also acknowledges the growth in crypto…
