Bank Negara Malaysia said it is launching three regulatory sandbox programs under its Digital Asset Innovation Hub to explore ringgit-backed stablecoins, tokenized bank deposits, and real-world asset tokenization. The pilots will focus on wholesale cross-border settlement and institutional use cases rather than retail applications. Findings may inform future development of a wholesale central bank digital currency.
The central bank is working with financial institutions, including Standard Chartered, CIMB Group, Maybank, and Capital A. The program will also assess Shariah compliance considerations, reflecting Malaysia’s dual financial system. Officials said the initiative is designed to guide future policy in digital asset infrastructure and onchain settlement.
The sandbox builds on a broader three-year roadmap to expand asset tokenization across supply chains, programmable finance and cross-border payments. As more jurisdictions evaluate wholesale stablecoins and CBDCs, Malaysia’s approach underscores growing competition among central banks to modernize settlement systems while maintaining regulatory oversight.
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