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Bank Negara Malaysia (BNM) recently officially announced a roadmap for the development of digital assets over the next three years, which will initiate a series of asset tokenization pilot projects within the national financial system, marking the country's entry into a new stage of financial innovation and deepening of the digital economy. This project will be executed by the "Digital Asset Innovation Hub (DAIH)" established earlier this year, and is expected to promote several proof of concepts (POC) and practical application experiments.
According to official documents, BNM will jointly establish the "Asset Tokenization Industry Working Group (IWG)" with the Securities Commission (SC) as a cross-departmental coordination platform to promote industry exploration, technical knowledge sharing, and regulatory consistency. The first batch of pilot projects will focus on application areas with clear economic benefits, such as: supply chain financing to improve credit accessibility for small and medium-sized enterprises; tokenized liquidity management to enhance inter-institutional settlement efficiency; and smart contract applications that can be automatically executed and comply with transparency in Islamic finance scenarios.
In addition, BNM will also study tokenized deposits and stablecoin solutions priced in Ringgit, ensuring coherence between digital payments and the existing currency system, and improving domestic and international digital settlement efficiency. The central bank also stated that it will evaluate the integration potential of tokenized assets and wholesale central bank digital currencies (CBDC) in the future to create a safe, regulated, and highly efficient digital financial infrastructure.
Overall, this roadmap reflects Malaysia's intention to stay in sync with major Asian regulatory bodies such as the Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) to advance cross-border digital financial cooperation and market modernization, thereby laying a more solid foundation for its status as a regional financial center.
