Malaysia’s Regulated Crypto Trading Grew 23%; Fitch Says Banks Will Move Slowly

Malaysia’s regulated digital-asset exchanges handled RM17.14 billion of trading in 2025, up 23% from RM13.93 billion a year earlier. That growth, paired with explicit Shariah treatment for several major tokens, makes Malaysia one of the more open Islamic-finance markets for cryptocurrency. It does not yet make crypto a meaningful earnings engine for the country’s banks.

That is the tension in Fitch Ratings’ latest assessment. The agency expects offerings to develop gradually in selected Islamic markets, with Malaysia and the United Arab Emirates further along than most. But Malaysia’s 2025 regulated crypto turnover, more than US$4 billion, was equivalent to just 2.5% of the value traded in its domestic equity market.

The underlying assets remain volatile. Bitcoin traded near US$76,452 and Ether near US$2,440 at 08:27 UTC on September 17, according to Yahoo Finance market data. Those spot prices provide current context, not a forecast: Malaysia’s policy framework governs where approved assets can trade and how client assets are handled, rather than their dollar price.

The number that tempers the growth story

The Securities Commission Malaysia independently reported the same 23% turnover increase when it revised its digital-asset exchange rules on May 20. The changes streamlined token listings but raised requirements for financial resilience, management and safeguarding customer assets. Regulated exchanges are also due to join the Financial Markets Ombudsman Service in 2026, giving customers a formal dispute channel.