This article is an excerpt from the Luno white paper, Traditional finance and crypto in Malaysia. For more insights about the intersection of TradFi and crypto, download the full report. One of the defining features of crypto as an investment class is democratisation of access, with retail investors widely credited as the driving force behind its parabolic market cycles in 2013, 2017, and 2020. However, this has changed in recent years, with major price movements increasingly now attributed to the actions of institutional investors and traders. This interest has become increasingly evident in Malaysia, where institutional attitudes towards crypto appear…