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In-depth analysis of Malaysia’s crypto asset regulation: a dual regulatory model is adopted, and six licensed exchanges are approved
This article mainly introduces the regulation and market overview of virtual currency exchanges and IEOs in Malaysia. Malaysia adopts a "dual regulation" model, with the National Bank and the Securities Commission regulating the monetary and securities attributes of crypto assets respectively. Cryptocurrencies are regarded as securities rather than legal tender, and exchanges and token issuance must be licensed and follow strict compliance standards. As of 2025, there are 6 licensed exchanges, and the IEO platform system has gradually taken shape, promoting the development of compliant token financing. The government has stepped up its crackdown on unregistered platforms overseas to encourage investors to return to the local compliant market. The overall regulatory system emphasizes risk control, investor protection and innovative development, showing a steady and forward-looking policy orientation.










