Malaysia crypto trading tops $4B, Fitch says

Malaysia has emerged as one of the more open Islamic-finance markets for regulated cryptocurrency, with trading on licensed exchanges rising 23% to RM17.14 billion, or more than $4 billion, during 2025. Summary Malaysia’s regulated digital asset exchanges recorded RM17.14 billion in 2025 trading value, up 23% annually. Ten digital asset operators held Malaysian regulatory status across exchanges, custodians and offering platforms mid-2026. Bitcoin, Ether, XRP and Stellar appear on Malaysia’s official list of Shariah-compliant digital assets today. Bank Negara Malaysia is testing ringgit stablecoins and tokenized deposits through three initiatives this year. Fitch expects Islamic crypto offerings to develop gradually as Shariah views remain divided across jurisdictions. Fitch Ratings said on Sept. 16 that Malaysia’s regulatory framework and national Shariah treatment have given digital assets a clearer route into its Islamic-finance market than in several other jurisdictions. The rating agency noted that the Securities Commission Malaysia had regulated 10 digital-asset businesses by the end of the first half of 2026. The trading figure is independently supported by the Securities Co...