Key Highlights
- Malaysia launches RMJDT stablecoin and DATCO to boost blockchain use, while Fasset introduces the first Shariah-compliant digital bank.
- RMJDT aims to expand Ringgit’s international use and attract foreign investment, supported by a national blockchain treasury for stability.
- Illegal Bitcoin mining drains over $1B in electricity, showing Malaysia needs stronger regulation and better monitoring of crypto operations.
Malaysia’s Tunku Ismail Ibni Sultan Ibrahim, the Regent of Johor, has launched RMJDT, a Ringgit-backed stablecoin. The digital token runs on Zetrix, the country’s main blockchain, and aims to make the Ringgit more widely used in international trade.
As per the announcement, RMJDT also seeks to attract foreign direct investment, aligning with the nation’s Digital Asset National Policy. Bullish Aim Sdn. Bhd., chaired by the Regent, oversees the launch under a regulated sandbox framework to ensure compliance and national oversight.
At the same time, the Regent revealed plans for a Digital Asset Treasury Company (DATCO) with an initial RM500 million in Zetrix tokens, expected to grow to RM1 billion. This treasury will help keep transaction fees stable and support about 10% of the network’s blockchain validators in Malaysia.
“As the issuer of RMJDT, we view the establishment of a Zetrix-token treasury as a strategic necessity,” the Regent said, emphasizing operational stability and alignment with national blockchain initiatives. Moreover, DATCO will reinforce long-term national Web3 resilience and enhance blockchain security.
Stablecoins and Islamic digital banking
Meanwhile, Dubai-based Fasset received a temporary banking license in Malaysia, enabling it to operate as the world’s first Shariah-compliant digital bank using stablecoins.
Consequently, the company can test digital financial products under the supervision of the Labuan Financial Services Authority. Mohammad Raafi Hossain, Fasset’s CEO, said, “We can now combine the credibility of a global banking institution with the innovation of a fintech insurgent that’s fully halal.”
Additionally, Fasset’s platform supports users across 125 countries and recorded over US$6 billion in annualized transaction volume, projecting US$24 billion by the end of 2026. Its offerings include Shariah-compliant investment and savings products and access to assets like gold, stocks, and digital tokens.
Malaysia’s crypto challenges
Currently, illegal Bitcoin mining continues to pose a growing challenge to Malaysia. Authorities and the national utility (TNB) in the country recently estimated that more than $1 billion in electricity has been stolen by miners operating from hidden sites in five years. The operations often hide in abandoned buildings or empty shops and mask constant machine noise with bird sounds.
Miners continue to be highly mobile, often moving and securing their sites with heat-proof paneling, CCTV, and barricades. While licensed mining operations are allowed, paying for their electricity consumption and taxes, the illegal ones continue to deplete the national grid. Apart from the financial burden, these activities indicate a very strong growing need for regulatory oversight, supplemented by monitoring technologies.
Malaysia’s digital finance sector is evolving quickly. The RMJDT stablecoin and Fasset’s Islamic digital bank reflect growing international engagement. DATCO supports blockchain stability, while illegal crypto mining highlights gaps in regulation.
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