Financial centres usually require three basic things: a welcoming environment, the rule of law and a bilingual workforce. All this is fulfilled by Malaysia, which is not yet perceived as a major financial centre.
When it comes to financial centres in Asia, most people think of Hong Kong, Singapore or Tokyo. The first two cities in particular have many similar characteristics, of which the rule of law and a workforce that can speak English are particularly important from a financial market perspective.
Singapore is now often referred to as Asia’s cryptocurrency hub. Among other things, the regulatory framework is aware of the peculiarities of cryptocurrencies and can be said to be very complex. Hong Kong, on the other hand, takes a fragmented approach to cryptocurrencies, which introduces elements of uncertainty.
But according to analysts at CoinDesk.com, we should not overlook Malaysia, which is similar to Singapore in many ways. Malaysia may not have a developed financial market, but that need not matter. “In cryptocurrencies, geography is playing less and less of a role,” said Henry Chong, head of Fusang. According to him, Malaysia has an educated workforce and low tax burden, which also makes it destined to become the cryptocurrency hub of the future thanks to its proximity to Singapore and Hong Kong.
