SC seeks public feedback on proposed DAX regulatory enhancements
The public consultation period is from today to Aug 11, 2025.
The SC said in a statement today that it welcomes feedback from a wide range of stakeholders, including digital asset issuers, prospective and existing regulated DAX operators, financial institutions, capital market participants and other interested parties such as industry associations, legal and compliance professionals.
"The proposals aim to enhance competitiveness of Malaysia's regulated digital asset market, improve investor protection and strengthen the resilience and integrity of DAX operators.
"With the offering of various types of digital assets and services across the capital market, the SC has also observed growing interest from conventional capital market intermediaries and institutional investors seeking to participate in the digital asset space,' it said.
This is either through direct investment in digital assets or indirectly via investment funds, it added.
The SC said that DAXs play a crucial role in enabling responsible access to digital assets investment, in a regulated environment that promotes a fair, transparent and orderly marketplace.
It said the consultation paper covers areas like liberalising framework for listing of digital assets on DAX, subject to meeting certain minimum criteria.
"The SC proposes removing its direct concurrence for certain digital asset listings on DAXs, subject to meeting certain minimum criteria. This aims to accelerate time-to-market, increase DAX operator accountability and widen product offerings,' it said.
The paper also covers enhancement of requirements relating to safeguarding client assets and governance.
"DAX operators will be subject to enhanced operational governance and controls requirements, including requirements relating to the segregation of clients' assets.
"This ensures the DAXs governance and operational practices commensurate with the risks associated to their operations,' it said.
It also involves strengthened requirements for DAX operators.
"DAX operators will need to meet certain minimum financial criteria to ensure stronger financial and operational integrity and resilience, coupled with robust investor protection mechanisms.
"This is to instill confidence among capital market participants to trade through or with regulated DAXs,' it said.
Since the introduction of the DAX framework in 2019, the SC has observed steady growth in Malaysia's digital asset industry with 2024 being the highest total trading value of RM13.9 billion, an increase of 2.6 times from 2023.
The consultation paper is available online at https://www.sc.com.my/regulation/consultation-papers. For any enquiries, please contact the SC at aFINity@seccom.com.my. - Bernama
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