The Malaysian has transformed itself from merely an exporter of raw to one of the major emerging market economies in Asia. As a result, many local investors have become active in all kind of investment schemes, including retail forex trading.
Forex brokers in Malaysia are formally not regulated, but at least they are no longer illegal. Anyway, there are two governmental authorities are overseeing the financial sector. These are the Securities Commission which is in charge of exchange-traded products, including securities and futures and how brokers operate in the country, and the National Bank of Malaysia (Bank Negara), which has also made a commitment to promote monetary and financial system stability.
We must also mention a certain peculiarity of forex trading in Malaysia and this is related to the fact that Islam is the official religion there. According to the Islamic Financial Services Act (2013), forex brokers targeting local investors must offer accounts that are compliant with Sharia law, which means swap-free.