Year: 2025
Type: article
Abstract: Amid the global surge of digital currencies, Malaysia, as a key Asian economy, is actively exploring legal regulatory frameworks for their governance. This article reviews the global development of digital currencies such as Bitcoin and Digital RMB, and analyzes Malaysia’s current regulatory landscape, including the "Digital Assets Guideline", the Anti-Money Laundering Act, and capital market regulations. Despite Malaysia’s open stance, existing regulations face challenges such as definitional gaps, limited public trust, insufficient technological infrastructure, payment system incompatibility, and financial crime risks. By comparing regulatory approaches in the United States, China, and Singapore, the study identifies differences and shared challenges. It further proposes policy recommendations for Malaysia, including introducing the "Digital Ringgit", enhancing public awareness, fostering financial innovation, improving regulatory frameworks, and engaging in international standard-setting. Ultimately, Malaysia must balance innovation and regulation to promote healthy digital currency development and financial modernization.
Source: Management
DOI: 10.62486/agma2025230
Authors: Chai Hongliang, Wang Tengfei, Mohamad Rizalabd Rahman, Mabeel Mahai Althabhawi
Institution: National University of Malaysia
Language: English
Subfield: Management Information Systems
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4414585075