October is turning into approval season. A week after Hata's conditional DAX nod, the Securities Commission has granted Gambit Custody Sdn Bhd in-principle approval to register as a Digital Asset Custodian — the second in Malaysia, following CoKeeps' pioneering path.
Gambit has six months to satisfy the SC's regulatory requirements before commencing operations. The firm is targeting token issuers, SMEs and blockchain companies — a segment distinct from the institutional funds CoKeeps courts, which suggests the custody market is already specialising.
Why a second custodian matters
One licensed custodian is a proof of concept; two is a market. Issuers and platforms that were reluctant to depend on a single provider now have redundancy, and the competitive pressure should show up where it counts: security architecture, insurance arrangements and fees.
With five exchanges, two IEO platforms and now a second custodian in the regulated pipeline, the depth of Malaysia's licensed digital asset stack keeps improving — quietly, one approval at a time.