Bank Negara Malaysia (BNM), the country’s central bank, has unveiled a three-year roadmap to explore and test asset tokenization across the financial sector. Under this initiative, BNM will launch proof-of-concept (POC) projects and live pilots through its Digital Asset Innovation Hub (DAIH), which was established earlier this year, the central bank announced on Friday.
A key part of the roadmap is the creation of an Asset Tokenization Industry Working Group (IWG). This group will coordinate industry-wide exploration, facilitate knowledge sharing, and identify regulatory and legal challenges. Co-led by BNM and the Securities Commission (SC), the working group will initially focus on foundational use cases that can demonstrate clear economic value.
### Tokenized Deposits, Stablecoins, and CBDC Integration
The central bank clarified that the tokenization efforts will focus on real-world assets, not cryptocurrencies. Highlighted use cases include:
– Supply chain financing to expand SME credit access
– Tokenized liquidity management for faster settlement
– Islamic finance applications to automate Shariah-compliant transactions
Other potential areas of application involve programmable payments, green finance, and 24/7 cross-border trade settlements.
BNM also plans to study the role of MYR-denominated tokenized deposits and stablecoins. The goal is to preserve the “singleness of money” while enabling efficient digital settlement. Additionally, wholesale central bank digital currency (CBDC) integration will be explored as part of the roadmap.
### Regional Collaboration and Industry Engagement
Malaysia aims to join other Asian regulators such as Singapore’s MAS and Hong Kong’s HKMA in piloting asset tokenization initiatives that seek to modernize financial infrastructure. Industry feedback on the discussion paper outlining the roadmap is open until March 1, 2026.
### Malaysia’s Regulator Proposes Faster Crypto Listings
In a related development, Malaysia’s Securities Commission proposed a new framework in July that would allow approved cryptocurrency exchanges to list certain digital assets without needing prior approval from the regulator.
Under this proposal, exchanges must ensure that listed assets have undergone public security audits and have been traded for at least one year on a platform compliant with Financial Action Task Force (FATF) standards.
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**Related Articles:**
– Malaysia launches Digital Asset Hub to test stablecoin, programmable money
– Tokenized money market funds emerge as Wall Street’s answer to stablecoins
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