Jamaica vs Malaysia
Crypto regulation comparison
Jamaica
Malaysia
No Regulation
Legal
Jamaica has no specific cryptocurrency legislation. The Bank of Jamaica does not regulate or endorse crypto but has not banned it. Jamaica launched its own CBDC, JAM-DEX, in 2022 through the National Commercial Bank. Crypto exists in a legal gray area with no dedicated framework.
Cryptocurrency is legal and regulated in Malaysia. The Securities Commission oversees digital asset exchanges (DAX) and initial exchange offerings under the Capital Markets and Services (Prescription of Securities) Order 2019. Only SC-approved exchanges can operate. Malaysia does not impose capital gains tax on crypto for individuals, though frequent trading may be classified as business income.
Tax Type
Unclear
Tax Type
None
Tax Rate
N/A
Tax Rate
0%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
BOJ (Bank of Jamaica), FSC
Regulator
SC (Securities Commission Malaysia), BNM (Bank Negara Malaysia)
Stablecoin Rules
BOJ launched JAM-DEX CBDC; no private stablecoin regulation
Stablecoin Rules
Digital assets on approved exchanges only; stablecoins not separately regulated
Key Points
- No specific cryptocurrency legislation or regulatory framework
- BOJ does not recognize crypto as legal tender but has not banned it
- Jamaica launched the JAM-DEX CBDC in 2022
- FSC Jamaica has not issued specific guidance on crypto asset regulation
- Tax treatment of crypto gains is unclear due to lack of specific guidance
Key Points
- Digital asset exchanges must be registered and approved by the Securities Commission
- Only approved tokens can be listed on registered exchanges (e.g., BTC, ETH, XRP on approved list)
- No capital gains tax for individuals; frequent trading may be treated as business income
- BNM regulates crypto for AML/CFT purposes under the Anti-Money Laundering Act
- IEOs must be conducted through SC-approved platforms