Place about 2 Tbsp crushed candy canes on a small plate. Brush a little simple syrup, maple syrup, or honey around the rim of two glasses and then place upside down in the crushed candy canes to coat rims.
In a blender combine ice cream, milk, malted milk powder, and the rest of the crushed candy cane (save a little bit for garnish!). Blend until smooth.
Pour milkshake into the rimmed glasses and sprinkle a little more crushed candy cane on top.