The 3rd of April, 2020, marked the end of a nine-month probationary period that the Malaysia based crypto trading firm, Tokenize Malaysia, had gone through. Within this time, the company managed to gain full approval from Malaysia’s securities watchdog, the Securities Commission, or SC.
Gaining Approval To Start Trading
With the approval given for the company to operate a Digital Assets Exchange, its namesake crypto trading platform, the Tokenize Xchange, has now gained the full legal support and regulation it needs. This was reported on SoyaCincau, a local news outlet, on the 3rd of April, 2020. The exchange itself also offers a range of fiat-to-crypto pairings, as well
Malaysia’s law mandates that all local cryptocurrency exchanges must first register with the SC. Afterward, they must spend nine months in a probationary period where they must achieve full compliance with the regulatory standards that the SC presents.
Timing Is Everything
Tokenize Malaysia’s CEO and CTO, Hong Qu Yu, gave a comment about the matter as a whole. He stated that his company’s exchange is now capable of going live within Malaysia, something he says is at the perfect time. According to Yu, his company has received a range of inquiries from individuals ranging in age from anywhere between 50 and 24 years of age. These individuals have shown interest in the investment of digital assets, according to Yu.
It was June of last year when the SC officially registered the firm itself, alongside both Sinegy Technologies and Luno Malaysia. Luno was quoted to state that these three crypto exchanges were the only digital exchanges registered for operation within Malaysia at that time.
Legislative Acceptance Of Crypto
It was on the 15th of January, 2019, when the SC introduced the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019. Under the new classification, and a popular one across several countries, all forms of cryptocurrencies, digital assets, tokens, or otherwise, have been legally classified as securities. Thus, it was put under the Securities Commission’s full authority.
While the majority of countries seem to be taking cryptocurrencies in stride, trying to develop the adequate regulations and legal frameworks to keep it in check, other countries are still rejecting it. Russia, one of the biggest countries to act like this, has suffered multiple postponements in the adoption of significant cryptocurrency law. The most recent delay has been done due to none other than the coronavirus.