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Blockchain Startups in Malaysia to Watch

ABR
May 11, 2019

Look at any list of successful STOs and you’ll see that the market is dominated by Europe and North America. This has everything to do with regulation: countries like Malta have already instituted legal frameworks for digital assets. Other countries, like the United States and Switzerland, regulate most tokens as they do securities.

In Asia, at least until recently, the most promising home base for blockchain companies has been Singapore. Unfortunately, most of that promise has been unrealized, with token issuers getting stopped at the gate again and again. Major cryptocurrency exchanges (such as Binance which originally wanted to incorporate there) find themselves forced out of the continent.

Then, seemingly out of nowhere, the tide changed in one overlooked South East Asian jurisdiction – Malaysia. In mid-January, it was announced that digital assets would be regulated as securities there. In this way, Malaysia is setting itself up to be the crypto hub in Asia.

In light of this development, we thought it would be a good idea to look at a few especially exciting projects based in that country. This is our list of top Malaysian blockchain startups to watch:

Xenchain

Xenchain is a customer-focussed Know Your Customer (KYC) solution that leverages blockchain technology to tackle some of the biggest problems faced in the identity management industry. The Xenchain team has built a product that excels in terms of user experience and decentralization. The blockchain-powered platform uses the latest in technology to accurately collect, verify, and store the personal identity data of consumers.

The e-KYC service carried out a successful Initial Coin Offering last summer. Now, they are well on their way to constructing a world where everyone can manage and control every aspect of their digital identities.

LuxTag

Founded by a group of true blockchain entrepreneurs, LuxTag is a unique solution to counterfeiting in the luxury goods industry. The platform creates tamper-proof authenticity certificates can be added as a layer of security on top of paper documentation or serial numbers for things like watches or handbags.

The LuxTag solution can also be used to tag items as stolen or lost. Users are empowered to embed their items’ certificates with their personal details. This way, they will be reachable should the item get lost, then found. Most fascinatingly, LuxTag has developed its own custom notarization system that is quickly becoming the industry standard.

Coingecko

For participants in the blockchain economy, it has never been more important to be able to get a 360 degree overview of various cryptocurrencies. Coingecko fits this need perfectly.

Coingecko is a cryptocurrency ranking site and app which lists digital assets according to numerous factors, such as developer activity, community presence, and liquidity. The platform specializes in guiding token investors, putting tokens together in a number of categorized groupings.

More excitement is sure to come

When selecting a jurisdiction for blockchain company setup, regulatory certainty is a major factor that must be considered. Since all the evidence seems to indicate that STOs will be the preferred means of funding for companies in this field, we can only expect more excitement to come in Malaysia, very soon.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

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