After a nine-month probationary period, Tokenize Malaysia, a crypto-currency trading firm based in Malaysia, has received full approval from the local securities watchdog to operate Tokenize Xchange.
Tokenize Xchange, the company’s cryptocurrency trading platform, became legally approved and regulated by Malaysia’s Securities Commission (SC), local news outlet SoyaCincau reported on April 3rd with the approval to operate a Digital Assets Exchange. The swap offers Fiat-to-Digital asset pairings.
Malaysian laws require local cryptocurrency exchanges to register with the SC, after which they will have up to nine months to meet the SC’s regulatory standards.
Hong Qi Yu, CEO and CTO at Tokenise Malaysia, commented on the development:
“We are now able to go ‘live’ in Malaysia and it is perfect timing –- as we have received many interested enquiries from individuals aged 24 to 50 years old who are keen to invest in digital assets.”
Last June the SC, together with Luno Malaysia and Sinegy Technologies, registered the firm. At the time, Luno stated that the three exchanges mentioned above were the only digital asset exchanges registered to be operating in Malaysia.
In January 2019, the SC introduced the Capital Markets and Services (Securities Prescription) Order 2019 (Digital Currency and Digital Token). The regulation classifies digital currencies, tokens and crypto-assets as securities and places them under the authority of the Securities Commission.
Crypto Regulations in Different Judiciaries
While some countries are making efforts to develop adequate regulations related to cryptocurrency, others are in no hurry to give the green light to the digital assets. Thus, the adoption of Russia’s major cryptocurrency law will be postponed again, this time because of the coronavirus, after facing multiple delays.
A pending bill may still inhibit cryptocurrencies from flourishing in India, with India’s parliament still to rule on “Cryptocurrency ban and Official Digital Currency Bill regulation” from 2019. If passed, the bill introduces unique regulatory frameworks for virtual currencies, utility tokens, and tokens supported by commodities.