South Korea is moving towards opening its tokenized market, though it currently lacks a comprehensive legal framework. The primary issue is taxation, as there is no clear tax framework for cryptocurrency transactions and management. Malaysia is focusing on enhancing investor protection by requiring exchanges to strengthen internal controls, including wallet custody arrangements and capital requirements. This initiative aims to institutionalize the market and attract larger financial institutions. Indonesia plans to introduce new regulatory requirements by 2026, emphasizing risk governance and investor protection mechanisms for exchanges to enhance market stability and sustainability.