Crypto News Recap: Malaysia Receives Crypto Zakat, Singapore Becomes Asia's Crypto Hub, and AI Tokens in 2025

Bittime - The following is news in the past week that is interesting to pay attention to. First, Malaysia has made history by becoming the first country to accept zakat payments using digital assets. Next, Singapore is increasingly strengthening its position as a crypto center in Asia, while tokens related to artificial intelligence (AI) are predicted to be in the main spotlight in 2025. Finally, the OJK has new regulations regarding crypto asset trading. Here is a summary of the latest crypto news.

Malaysia Receives Zakat Using Digital Assets

Malaysia has been a pioneer by allowing zakat payments using cryptocurrency. This initiative was initiated by the Federal Territories Islamic Religious Council's Zakat Collection Center (PPZ-MAIWP) to meet the needs of Muslims in the digital era. The CEO of PPZ-MAIWP, Datuk Abdul Hakim Amir Osman, stated that the purpose of this initiative is to educate the public about the obligation of zakat amid the development of modern financial technology.

Data shows that Malaysians own digital assets worth around IDR 57.6 trillion (RM16 billion), which are now recognized as objects of zakat. Statistics also reveal that 54.2% of the total digital asset investors in Malaysia are aged between 18 to 34 years, making the younger generation the main target for increasing awareness of zakat obligations.

Zakat on business from digital assets is set at 2.5% of the asset value, reflecting the adaptation of Islam to current developments. 

Malaysian Crypto Zakat in 2024 Nearly 200 Million Rupiah 

In 2023, zakat collections from digital assets were recorded at around IDR 93,548,000 (RM25,983.91), an increase of 73% compared to the previous year, and this year the amount jumped to around IDR 161,971,000 (RM44,991.97).

Singapore: Asia's Crypto Hub

Singapore continues to strengthen its position as the cryptocurrency hub in Asia. With supportive regulations and strong infrastructure, the country attracts many crypto companies and investors from all over the world. Singapore offers a safe and transparent environment for digital asset trading, making it an ideal location for innovation and development of blockchain technology.

Clear regulations and government support for the crypto industry have made Singapore a magnet for startups and large companies looking to operate in this sector. With various initiatives supporting the adoption of blockchain technology, Singapore aims to become a center for crypto innovation and trading in Asia.

AI Tokens in the Spotlight in 2025

The latest survey from Binance shows that investors have high expectations for crypto tokens related to artificial intelligence (AI) in 2025. 

This research involved 27,230 respondents in various parts of the world and revealed that 23.89% of users believe that AI tokens will be the main driver of the altcoin market.

After AI tokens, Memecoin took center stage with 19.09% of respondents, followed by Decentralized Finance (DeFi) related tokens at 12.37%, and Layer-1 tokens at 12.28%. 

Data from Coinmarketcap shows that the AI ​​token market capitalization currently reaches around IDR 882 trillion.

Read too 8 Best and Top AI Coins with Potential to Rise

Combining AI and Blockchain is an Interesting Thing

AI tokens are increasingly in demand due to their potential to combine artificial intelligence with blockchain technology, allowing for more open and efficient development. 

Projects such as Render Network (RENDER) and Internet Computer (ICP) show how these technologies can be used to increase efficiency and security in the development of AI-based applications.

OJK Issues Crypto Asset Trading Supervision Regulations

The Financial Services Authority (OJK) recently issued regulations regarding the supervision of crypto asset trading. This rule is contained in OJK Regulation (POJK) Number 27 of 2024 concerning the Implementation of Digital Financial Asset Trading, including crypto assets. Previously, supervision of crypto assets was under the Commodity Futures Trading Supervisory Agency (Bappebti).

This New Order is a Follow-up to the Legal Mandate

Acting Head of the Literacy, Financial Inclusion and Communications Department, M Ismail Riyadi, explained that this regulation is a follow-up to the mandate of Law Number 4 of 2023 concerning Development and Strengthening of the Financial Sector (UU P2SK). Through POJK 27/2024, OJK regulates and supervises the implementation of Financial Sector Technology Innovation (ITSK) and digital financial assets, including crypto assets.

Ismail added that OJK had developed a supervisory strategy in three transition phases. The first phase is a soft landing, followed by a reinforcement phase, and a development phase. 

The aim of issuing this POJK is to ensure that digital financial asset trading organizers carry out trades in an orderly, fair, transparent and efficient manner.

This regulation also stipulates obligations for digital financial asset operators to obtain permit status, as well as submit periodic and incidental reports. OJK is committed to continuing to oversee the development and strengthening of digital financial asset trading while maintaining stability in the financial sector and consumer protection.

USDT Will Become Illegal? What happen?

Big changes are taking place in the European cryptocurrency market, where Tether (USDT), the world's largest stablecoin, faces the threat of illegality due to the impending implementation of Markets in Crypto-Assets (MiCA) regulations. 

This regulation, which is expected to come into force in the next three days, aims to bring stability and transparency to digital asset markets in the European Union, with a particular focus on stablecoins. If Tether does not comply with the upcoming regulatory framework, USDT risks being delisted from European exchanges, which could trigger panic in the market.

If Tether fails to comply, the consequences could be huge, including the removal of USDT from European exchanges, which would affect millions users and encourage a shift to alternative stablecoins such as USDC or DAI.

Conclusion

This latest news shows how cryptocurrency continues to adapt to developments with the times, both in religious aspects such as zakat, and in technological innovations such as AI tokens. With Malaysia leading the way in accepting crypto zakat and Singapore further strengthening its position as Asia's crypto hub, as well as regulations issued by the OJK, the future of cryptocurrency looks increasingly bright. 

These initiatives not only expand the scope of use of cryptocurrencies, but also strengthen the relevance of blockchain technology in everyday life.

FAQ (Frequently Asked Questions)

1. What is crypto zakat and how does it work?

Crypto zakat is a zakat payment made using digital assets, such as cryptocurrency. In Malaysia, people can pay zakat using the cryptocurrency they own, with the stipulation that business zakat is set at 2.5% of the asset value. This initiative aims to make it easier for Muslims to fulfill their zakat obligations in the digital era.

2. Why is Singapore considered the crypto hub of Asia?

Singapore is considered the crypto hub of Asia due to its supportive regulations, strong infrastructure and safe environment for trading digital assets. The country attracts many crypto companies and investors from all over the world, making it an ideal location for innovation and development of blockchain technology.

3. What makes AI tokens increasingly attractive to investors?

AI tokens are increasingly in demand due to their potential to combine artificial intelligence with blockchain technology, enabling more open, secure and efficient development. Surveys show that many investors believe that AI tokens will be the main driver of the altcoin market by 2025, with a market capitalization of around IDR 882 trillion.

4. What is the role of the OJK in supervising crypto asset trading in Indonesia?

OJK (Financial Services Authority) issued OJK Regulation (POJK) Number 27 of 2024 to regulate and supervise trading in digital financial assets, including crypto assets. This regulation aims to ensure that trading is carried out in an orderly, fair, transparent and efficient manner, as well as establishing obligations for digital financial asset operators to obtain permits and submit periodic reports.

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Also, visit the Bittime Blog for interesting updates and educational information about the crypto world. Find reliable articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.

Reference

Dilla Fauziyah, Singapore Overtakes Hong Kong As Asia's Crypto Hub in 2024, Accessed December 27, 2024

CNN Indonesia, OJK Issues Crypto Asset Trading Supervision Regulations, Accessed December 27, 2024

New Straits Times, Malaysia Becomes the First Country in the World to Accept Zakat Payment Using Crypto, Accessed December 27, 2024

Aziz Rahardyan, Survey: AI-Linked Crypto Tokens Most Attracted by Investors in 2025, Accessed December 27, 2024

Jahnu Jagtap, BREAKING: USDT will be illegal in Europe in the Next 3 Days!, Accessed December 30, 2024

Author: IN