International rating agency Fitch Ratings stated in a report that Malaysia has become one of the most open Islamic markets in the cryptocurrency sector thanks to clear regulations and Sharia-compliant certifications. From 2020 to the first half of 2026, the Sharia Advisory Council of Malaysia’s Securities Commission (SC) classified major crypto assets including BTC, ETH, XRP and XLM as Sharia-compliant. By the end of H1 2026, 10 digital asset institutions had obtained regulatory licenses. In 2025, trading volume on Malaysia’s regulated digital asset exchanges rose 23% year-on-year to over $4 billion. However, this only accounted for 2.5% of the country’s total stock trading volume, and banks’ participation remains mostly limited to providing access services for licensed platforms.