Malaysia’s securities regulator approves crypto platform
After a nine-month trial period, Tokenize Malaysia, a Malaysian-based cryptocurrency trading company, received full approval from the local securities regulator.
With the approval to operate a Digital Asset Exchange, the company’s cryptocurrency trading platform, Tokenize Xchange, was legally approved and regulated by the Malaysian Securities and Exchange Commission (SC), reported April 3 in the local media outlet of SoyaCincau news. The Exchange offers fiat money for digital assets at parity.
Malaysian law requires local cryptocurrency exchanges to register with the SC, after which they have up to nine months to comply with the SC’s regulatory standards.
Commenting on the development, Hong Qi Yu, CEO and CTO of Tokenize Malaysia said the following:
“Now we can go ‘live’ in Malaysia and it is the perfect time as we have received many inquiries from people ages 24 to 50 who want to invest in digital assets.”
The SC registered the firm, along with Luno Malaysia and Sinegy Technologies, last June. At the time, Luno stated that the three exchanges mentioned above were the only registered digital asset exchanges operating in Malaysia.
The SC presented the 2019 Order of Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) on January 15, 2019. The regulation classifies digital currencies, tokens and crypto assets as securities, placing them under the authority of the Securities Commission.
Crypto regulations in other countries
While some countries are making efforts to develop adequate cryptocurrency-related regulations, others are in no rush to green-light digital assets. Therefore, after facing multiple delays, the adoption of Russia’s main cryptocurrency law will be postponed again, this time due to the coronavirus.
A pending bill may still inhibit the flourishing of cryptocurrencies in India, and the Indian parliament has yet to rule on the “Cryptocurrency Ban and Regulation of the Official Digital Currency Bill” as of 2019. If passed, the bill will introduce unique regulatory frameworks for virtual currencies, utility tokens, and token-backed commodities.
Blockchain-bitcoin technology has the great potential to offer solutions to the different needs that companies and corporations may need, innovation and creativity go hand in hand with the generation of wealth. New announcements awaited.
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