Three New Crypto Exchanges Accepted by the Malaysian Securities Commission (SC)
Three New Crypto Exchanges Registered by the Malaysian Securities Commission (SC)
- Till date, the Malaysian Securities Commission (SC) has only given operational clearance to three cryptocurrency trading platforms.
- After obtaining the approval of the SC, crypto exchanges have up to nine months to meet the regulatory body’s compliance demands.
As per an all-new press-release issued by the Securities Commission of Malaysia (SC) earlier today, three new cryptocurrency exchange platforms — Luno Malaysia, Sinegy Technologies and Tokenize Technology — have been given permission to operate within the nation’s borders.
For those of our readers who may not be aware of Malaysian common law, in order for a crypto exchange to set up its operations within the country, it has to register itself with the SC and meet all of the compliance demands set forth by the regulatory agency — within a period of up to nine months.
More On The Matter
In regards to this latest development, a spokesperson for Luno stated that the above mentioned trading platforms are the “only registered digital asset exchanges” currently functional within the SE Asian powerhouse.
Additionally, David Low — the firm’s General Manager for all SE Asian operations — was recently quoted as saying:
“We’ve been working closely with regulators and banks to complete the groundwork for the buying, selling and storing of cryptocurrencies and digital assets, which we believe are the future of money. Regulation will ultimately bring clarity and protection to consumers, and will ensure that all cryptocurrency businesses have adequate standards in place to protect investors and their funds.”
- Earlier this year, the Malay SC implemented the Capital Markets and Services Order 2019 that helped provide more certainty to the status of crypto assets and digital tokens within the country.
- It should also be pointed out that the above stated order definitively classified “cryptocurrencies as being securities” — thereby causing them to fall under the legal purview of the SC.
- Since the start of the year, researchers associated with the SC have published two papers that have been devised to gauge public interest towards cryptocurrencies and ICO regulations.
In closing out this piece, it should be mentioned that the CSA (Canadian Securities Administrators) and the IIROC (Investment Industry Regulatory Organization of Canada) recently released a couple of papers in order to collect public feedback regarding various proposed cryptocurrency regulations put forth by the local government.