Modern Australian
Men's Weekly

.

Cryptocurrencies landscape in Malaysia and Singapore - Octa expert analysis

KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 5 August 2024 - The growth of financial technologies, including blockchains and cryptocurrencies, depends on how well the legal system can adapt. Globally, the legal status of cryptocurrencies remains ambiguous as most countries still need to establish comprehensive laws to govern them.

However, only a few states explicitly prohibit crypto mining. While the global regulatory landscape continues to evolve, Malaysia and Singapore offer unique approaches to cryptocurrency supervision. In this article, the experts of Octa Broker take a closer look at the current status and prospects of crypto in these countries.

Octa

Popularity
Malaysia and Singapore both play a significant role in the Southeast Asian digital finance landscape. In 2023, Malaysia ranked among the top 30 countries for crypto adoption based on transaction volume, with its peer-to-peer (P2P) exchange trade volume placing it 40th globally. As for Singapore, it is currently a regional leader in cryptocurrency adoption, with 49% of its population aware of cryptocurrencies and 12% actively owning them. In 2023, the nation attracted $627 million in crypto funding, supported by a skilled workforce and favourable fiscal policies.

Platforms like Octa, a broker with globally recognised licences, are capitalising on the growing interest in crypto by offering low-cost 24/7 trading, including weekends, which makes it easier than ever for investors to dip their toes into the crypto waters.

Regulation and Future Prospects

Malaysia regulates digital assets through the Capital Markets & Services (Digital Currency and Digital Token) Order 2019. While cryptocurrencies are classified as securities, they are not recognised as legal tender by Bank Negara Malaysia (BNM), the country's central bank. Companies involved with digital currencies or tokens are required to register with the local authority. The regulations also enable companies to raise funds through token issuance but require due diligence and compliance with anti-money laundering (AML) and anti-terrorism financing policies. ‘Despite these regulations, Malaysia’s legal framework still lacks transparency and consistency, posing risks for businesses trying to navigate the complex landscape. As crypto popularity rises, new policies may emerge’, said Kar Yong Ang, the Octa broker's financial market analyst.

In contrast with its neighbour, Singapore already boasts a robust regulatory framework that enhances its status as a global financial centre. The Payment Services Act (PSA), introduced in 2019, serves as the primary legal framework governing digital payment tokens (DPTs). It mandates licenses for activities like operating exchanges and providing digital wallets. Additionally, the Securities and Futures Act (SFA) regulates DPTs that resemble capital market products, while the Commodity Trading Act applies to asset-backed DPTs, treating them as commodities. This comprehensive regulatory approach ensures a structured environment for cryptocurrency activities, fostering innovation while maintaining security. Singapore’s strong telecommunications infrastructure, highly skilled workforce, and favourable fiscal policies, such as the absence of capital gains tax, make it an attractive hub for digital innovation. A thriving community of startups, accelerators, and incubators foster innovation in the crypto sector. According to Statista, the country’s crypto market is projected to grow by 8.79% annually from 2024 to 2028, reaching $479.5 million in value by 2028. ‘The growth is supported by the Singaporean government’s proactive investments in blockchain technology, research, and fintech innovations that explore new blockchain applications’, noted Kar Yong Ang, the Octa broker's financial market analyst.

As Malaysia and Singapore shape and hone their respective cryptocurrency regulatory policies, their strategies highlight different balances between innovation and security. Malaysia faces challenges in regulatory clarity, while Singapore strengthens its position as a crypto-friendly nation. The evolving landscape in these countries will shape the future of cryptocurrency adoption in Southeast Asia, providing valuable insights for other nations looking to embrace the digital revolution.
Hashtag: #Octa

The issuer is solely responsible for the content of this announcement.

Octa

is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools.

The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

In the APAC region, Octa received the ‘Best Trading Platform Malaysia 2024’ and the ‘Most Reliable Broker Asia 2023’ awards from Brands and Business Magazine and International Global Forex Awards, respectively.

The Cost of Converting a Shipping Container into a Liveable Space

Container conversions often require more planning and labour than expected Early costs include foundations, framing, and structural reinforceme...

Marriage Celebrant for Modern Lovers Who Want Something Different

Many couples today feel pressure to follow the same wedding traditions their parents or grandparents did. They might sit through long ceremonies that ...

Why Everyone’s Signing Up for Fitstop’s 6-Week Challenge (Again)

Hint: It’s not just for the gains. Somewhere between the endless TikTok fitness hacks and the unrealistic “30-day shred” promises, we forgot ...

The Mental & Financial Benefits of Minimalist Caravan Travel

Minimalist caravan travel has grown in popularity, not just for its practical appeal but also for the sense of freedom it brings. With the rise of c...

Sydney Property Lawyers: Your Complete Guide to Smooth Transactions

Navigating the Sydney property market can feel like traversing a minefield, can't it? The process, laden with legal jargon and complex procedures, o...

Electrician Perth: Your Go-To Guide for Home Electrical Safety

When it comes to keeping your home safe and sound, electricity is something you simply can't afford to ignore. Faulty wiring, outdated switchboards...

Ironman 4x4: Building Complete Suspension Systems for Australia

The name Ironman 4x4 resonates throughout Australia's 4WD community, particularly when discussing Ironman suspension solutions. This Australian bran...

Pontoon Boats - The New Must-Have for Luxe Canal Homes

If you are living on a canal in Australia, you are already living the dream. But living near the water without a boat is like owning a horse without...

Perth Airport Transfers: Choosing the Right Service

Touching down in a new city can be exciting, but let's be honest, it can also be a bit stressful. After a long flight, the last thing you want to wo...

How to Save Smart: Cheapest Travel Insurance for Schengen Visa without Cutting Corners

Picture this: you’ve found a last-minute flight to Milan, your hotel booking comes with breakfast and a rooftop view, and your itinerary is ready ...

Keeping Lone and Remote Workers Safe: Employer Duties and Practical Solutions

In Australia, thousands of employees work alone, in remote locations, or in direct contact with the public every day. While these roles are critical...

How Your General Dentist Supports Your Smile Over a Lifetime

A healthy grin is more than just a desirable feature; it reflects overall health, well-being, and self-esteem. Our oral health needs evolve from chi...

A Brighter Smile in Sydney: Expert Cosmetic Dentists and Veneers Solutions

A confident smile can open doors, boost your self-esteem, and leave a lasting impression. In Sydney, more people than ever are turning to cosmetic den...

How To Keep Vase Flowers Fresh Through Australia’s Coldest Months

Winter flowers develop slowly, which gives them stronger structure and longer vase life Heat from indoor environments is the biggest threat to th...

Artificial Intelligence is Powering the Growth of Australian Telehealth Services

Many Australians have traditionally experienced difficulties in accessing timely and quality healthcare, especially those who live in rural or remot...

VR Training in Australia – Customer Service Risk Management

In today’s rapidly evolving workplaces, Australian organisations are turning to immersive learning tools like VR to handle specialised needs such ...

Powering Shepparton’s Businesses: Expert Commercial Electrical Services You Can Count On

When it comes to running a successful business, having reliable, compliant, and efficient electrical systems is non-negotiable. From small retail ou...

Maximise Efficiency: Cleaner Solar Panels for Optimal Performance

Solar panels are a smart investment in energy efficiency, sustainability, and long-term savings—especially here in Cairns, where the tropical sun ...