Kuala lumpur: Bank Negara Malaysia (BNM) governor Datuk Seri Abdul Rasheed Ghaffour announced that the central bank has received approximately 30 to 35 applications related to stablecoin and digital asset innovations. Several projects, including ringgit-based stablecoin initiatives, are currently undergoing testing under regulatory sandbox arrangements.

According to BERNAMA News Agency, Abdul Rasheed stated that the sandbox testing is conducted under BNM's Digital Asset Innovation Hub, which provides industry players with the flexibility to test financial solutions within a regulated environment. He emphasized that stablecoins and digital assets are expected to remain integral to the financial ecosystem, necessitating a balanced regulatory approach.

During a panel session titled 'Fiscal and Monetary Policies' at the Forum Ekonomi Malaysia 2026, Abdul Rasheed highlighted the central bank's commitment to fostering innovation while maintaining financial stability and consumer protection. He explained that BNM is working to create an environment conducive to innovation, where stablecoins can be integrated with safeguards to ensure stability and consumer protection.

Abdul Rasheed further noted that stablecoins should be utilized to support legitimate business use cases and genuine economic activities, rather than speculative ventures. He added that solutions successful in sandbox testing could eventually be commercialized, allowing them to exit the sandbox and be launched into the market.