The Complete List of Crypto Exchange Companies in Malaysia & Regulatory Guide

Malaysia has emerged as one of Southeast Asia’s most structured and enforcement-focused digital asset markets. With a rapidly growing retail investor base, strong institutional interest in blockchain technology, and a government committed to regulated innovation, the country occupies a distinctive position in the regional fintech landscape.

Operating a crypto exchange in Malaysia is not simply a matter of building a platform and opening it to the public. It requires formal registration with the Securities Commission Malaysia and full compliance with an increasingly rigorous set of legal obligations. For entrepreneurs and fintech founders who want to understand the market, model its compliance standards, or launch their own regulated exchange elsewhere, this guide provides the essential information.

LegalBison partners with crypto and fintech businesses at every stage of their licensing journey, from initial jurisdictional analysis through to full global company formation and regulatory authorisation.

The regulatory framework in Malaysia

The Securities Commission Malaysia (SC) is the central regulatory authority governing the country’s capital markets. Established on March 1, 1993, under the Securities Commission Act, the SC oversees all activities related to securities and derivatives, with its mandate subsequently extended to encompass digital assets.

The pivotal regulatory development for the crypto sector came with the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019, which came into force on January 15, 2019. This Order classified digital currencies and digital tokens as securities under Malaysian law, bringing all related market activities within the SC’s supervisory perimeter.

Following this classification, the SC issued its Guidelines on Recognised Markets, which established the framework under which digital asset exchanges (DAX) must operate. Any platform wishing to facilitate the trading of digital assets in Malaysia must be registered as a Recognised Market Operator (RMO). Operating without this registration is a criminal offence under Malaysian capital markets law.

The RMO framework imposes meaningful obligations on registered exchanges. These include maintaining adequate financial resources, implementing robust AML and KYC procedures, ensuring fair and orderly market operations, and submitting to ongoing supervision and reporting requirements. The SC has demonstrated repeatedly that it will enforce these requirements, including through public shutdown orders and asset repatriation demands directed at non-compliant platforms.

Related: 5 Reasons Why Asia Is Great for Crypto On/Off Ramping

The official list of crypto exchange companies in Malaysia

As of December 3, 2025, the SC has registered six digital asset exchanges as Recognised Market Operators. These are the only platforms legally permitted to operate a Malaysia crypto exchange and offer digital asset trading services to Malaysian investors. The six registered DAX operators are:

1. HATA Digital Sdn Bhd;
2. Luno Malaysia Sdn Bhd;
3. MX Global Sdn Bhd;
4. SINEGY DAX Sdn Bhd;
5. Kinetic DAX Sdn Bhd;
6. Torum International Sdn Bhd.

This is the authoritative and complete list of licensed crypto exchange Malaysia operators at the time of publication. The SC maintains and updates this list publicly, and it is available directly on the Securities Commission Malaysia website.

Each of these platforms has undergone rigorous assessment by the SC before receiving RMO status. The registration process evaluates the technical infrastructure of the exchange, the fitness and propriety of its directors and senior management, the robustness of its compliance and risk management frameworks, and its capacity to meet ongoing capital and operational requirements.

Luno, owned by the Digital Currency Group, is one of the most internationally recognised names on the list and serves a broad retail customer base across Malaysia. HATA and MX Global have built strong local presences, while SINEGY, Kinetic DAX, and Torum cater to more specific segments of the market, including institutional and digital community-focused users.

Regardless of which exchange a Malaysian investor chooses, selecting any of these six platforms means dealing with a licensed crypto exchange Malaysia that is subject to SC oversight and investor protection requirements.

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The risks of unregulated exchanges

The SC does not take a permissive approach to unauthorised digital asset activities. When the 2019 regulatory framework came into force, a transitional period was provided during which platforms already operating could apply for RMO registration. Those that did not obtain registration, or whose applications were unsuccessful, were required to cease all activities immediately and return all collected funds and assets to their investors.

A number of platforms were publicly identified as having failed to achieve registered status following the transitional period. These included AES Signatum Berhad, Belfrics Malaysia, and B4U EXC, among others. The SC made clear that continued operation without authorisation would attract enforcement action, including prosecution under the Capital Markets and Services Act.

For investors, the message is unambiguous: using an unregistered exchange means placing funds with an entity that operates outside the law and outside the SC’s investor protection framework. There is no recourse mechanism for losses incurred on an unregistered platform, and the SC has no jurisdiction to assist in recovering assets held by non-compliant operators.

For entrepreneurs, the message is equally clear. The SC treats unauthorised exchange operations as a serious legal violation, not a regulatory oversight. Any business seeking to serve Malaysian investors in the digital asset space must obtain RMO registration before commencing operations.

Get your crypto exchange licensed. Contact LegalBison today.

Global crypto solutions with LegalBison

The Malaysian regulatory model illustrates a broader global truth: obtaining and maintaining a digital asset exchange license is a highly complex legal undertaking that requires specialist knowledge, meticulous preparation, and ongoing compliance management. The standards the SC applies in Malaysia are increasingly representative of what regulators worldwide expect from professional crypto exchange operators.

For entrepreneurs who want to launch their own regulated exchange, the question is not whether to comply but where to begin and which jurisdiction best suits their business model. LegalBison helps founders answer both questions, providing the legal and corporate architecture required to build a compliant, licensed crypto business from the ground up.

Our services in this area span multiple jurisdictions and license types. For businesses targeting the Southeast Asian market, we offer specialist support for obtaining a Malaysia crypto license under the SC framework, guiding applicants through the RMO registration process from initial eligibility assessment to submission and beyond.

For businesses seeking a more internationally oriented structure with a lower initial regulatory burden, the Labuan Financial Services Authority (LFSA) in Malaysia’s federal territory of Labuan offers an alternative pathway. A Labuan crypto license provides a recognised regulatory status within the Malaysian jurisdiction, with a framework designed to accommodate cross-border digital asset activities and a more streamlined application process than the full SC-regulated DAX route.

For businesses with a global footprint or those exploring multiple jurisdictions simultaneously, LegalBison also provides a comprehensive overview of crypto license options across the world’s leading regulatory environments, helping founders identify the most efficient and strategically appropriate structure for their specific needs.

In each case, LegalBison’s engagement covers the full scope of what a crypto startup needs to launch legally and sustainably: entity incorporation, regulatory application management, AML and KYC framework development, local director sourcing, and corporate bank account opening. We understand what regulators are looking for because we work with these frameworks every day, and we structure our clients’ applications to meet those expectations from the outset.

Exploring the Types of Crypto License in Asian Countries: Which One to Obtain and Why

Conclusion

Malaysia has built one of the clearest and most actively enforced digital asset regulatory regimes in Southeast Asia. The requirement to operate as a Recognised Market Operator under SC supervision is non-negotiable, and the six registered exchanges currently operating in the country have each demonstrated the legal, financial, and operational standards required to earn that status.

For investors, the takeaway is practical: only use one of the six SC-registered platforms. For entrepreneurs, the takeaway is equally direct: if you want to operate a best crypto exchange Malaysia service or launch a regulated digital asset business anywhere in the world, the complexity of the regulatory process demands professional legal support.

LegalBison provides that support. Whether you are pursuing an SC registration in Malaysia, a Labuan license, or a crypto exchange authorisation in another jurisdiction, our team delivers the legal precision and strategic guidance required to take your fintech business from concept to compliance.

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FAQ

Which crypto exchange is best in Malaysia? 

All six SC-registered DAX operators are legally compliant and subject to ongoing supervision. The best choice for an individual investor depends on factors such as the range of assets traded, fee structures, and user interface. The registered platforms are HATA Digital, Luno Malaysia, MX Global, SINEGY DAX, Kinetic DAX, and Torum International.

Is crypto exchange allowed in Malaysia? 

Yes, but only through platforms registered as Recognised Market Operators by the Securities Commission Malaysia. Unregistered exchanges are not permitted to operate in the country.

Is Coinbase allowed in Malaysia? 

Coinbase is not registered as an RMO with the SC and therefore is not legally authorised to offer digital asset exchange services to Malaysian investors. Using unregistered platforms carries significant legal and financial risk for users.

Is Malaysia crypto tax-free? 

Malaysia does not currently impose capital gains tax on cryptocurrency profits for individual investors. However, tax treatment depends on the nature and frequency of trading activity, and businesses engaged in crypto trading may be subject to income tax. Independent tax advice is recommended for both individuals and companies.

Which crypto exchanges are legal in Malaysia? 

The six legally permitted exchanges as of December 2025 are: HATA Digital Sdn Bhd, Luno Malaysia Sdn Bhd, MX Global Sdn Bhd, SINEGY DAX Sdn Bhd, Kinetic DAX Sdn Bhd, and Torum International Sdn Bhd.

What is a Recognised Market Operator (RMO) in Malaysia? 

A Recognised Market Operator is an entity formally registered by the Securities Commission Malaysia to operate a regulated market, including a digital asset exchange. RMO status is mandatory for any platform wishing to facilitate digital asset trading in Malaysia.

How are digital assets regulated by the Securities Commission Malaysia? 

Digital currencies and digital tokens were classified as securities under the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019, bringing them within the SC’s regulatory perimeter. Exchanges must obtain RMO registration and comply with the SC’s Guidelines on Recognised Markets.

Which crypto exchanges are banned in Malaysia? 

Platforms that failed to obtain RMO registration following the 2019 transitional period were ordered to cease operations. These included AES Signatum Berhad, Belfrics Malaysia, and B4U EXC, among others. The SC maintains public records of non-permitted operators.