KUALA LUMPUR, 16/7/2021 – As blockchain technology grows beyond an increasingly active cryptocurrency market, ASEAN is seeing active regulatory developments to broaden its adoption throughout financial markets, speakers said at Maybank Kim Eng’s “Crypto Opportunities & Hurdles” webinar today.
Nizam Ismail, Founder and Chief Executive Officer, Ethikom Consultancy, said: “Blockchain has clearly catalysed regulatory development. We have seen ASEAN regulators actively addressing the adoption of blockchain in financial services, as well as for corporate fundraising. The underlying policy consideration has ranged from being focused on investor protection to being facilitative.”
For example, Malaysia has taken the stance of folding cryptocurrency regulations into their securities framework and has introduced licensing for cryptocurrency exchanges, Nizam said. Blockchain technology is becoming mainstream as more banks and other institutions explore its use in payments and cross-border transfers, according to Maybank Kim Eng Research.