2 November 2024
Malaysia Get’s New Cryptocurrency Trading Platform ‘Tokenize Xchange’
The cryptocurrency trading platform, Tokenize Malaysia has now got the approval from local securities watchdog after completion of nine months probation period.
After getting permission to operate Digital Assets Exchange, the Tokenize Xchange became legally approved and regulated by the Securities Commission (SC) of Malaysia. The platform provides fiat-to-digital asset pairings.
As per the Malaysian laws, the local cryptocurrency exchange must be registered with SC and have to follow a nine months period to get compliance with SC’s regulation standards.
The CEO and CTO of Tokenize Malaysia, Hong Qi Yu said: “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.”
Previously, SC has registered three firms along with Luno Malaysia and Sinegy Technologies — last June. Luno had said that there were only three exchanges that were the only registered digital asset exchanges to operate in Malaysia.
The SC has released an order named the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) on January 15, 2019. The regulation sorts digital currencies, tokens, and crypto-assets as securities, placing them under the Securities Commission’s authority.
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