Bank Negara Malaysia issues discussion paper on asset tokenisation

21 November 2025

On 30 October 2025, Bank Negara Malaysia (“BNM”) published a discussion paper setting out its proposed approach to exploring asset tokenisation in the Malaysian financial sector.

BNM focuses on exploring the potential benefits and implications of tokenising real-world assets in financial services, particularly on use cases with tangible benefits for the financial sector and Malaysia’s economy.

The discussion paper outlines BNM’s proposed approach on the following matters, for which it invites feedback:

• Intended outcomes and overall approach for tokenisation exploration;
• Roadmap for tokenisation exploration over the next three years;
• Key principles for identifying viable asset tokenisation use cases; and
• Guidance on design parameters for exploration of tokenisation use cases.

Many of the key considerations and policies, locally and globally, are still taking shape due to the emerging and fast‑changing nature of this subject. The discussion paper is therefore exploratory, designed to spark dialogue and guide collaborative refinement as the ecosystem develops.

BNM invites written feedback on the key themes in the discussion paper, including specific issues, areas requiring clarification, and alternative proposals, by 1 March 2026. Submissions should be sent to tokenisation@bnm.gov.my and include clear rationales, supporting evidence, and relevant examples to facilitate a constructive review.