The Securities Commission Malaysia (SC) has registered three Recognised Market Operators (RMOs) who can now launch digital asset exchanges (DAX).
The regulator said the three are Luno Malaysia Sdn Bhd, SINEGY Technologies (M) Sdn Bhd, Tokenize Technology (M) Sdn Bhd, and that they have been given up to nine months to fully comply with all regulatory requirements.
“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,” said David Low, Luno General Manager of Southeast Asia.
The SC got its mandate to regulate the cryptocurrency industry in January when the cryptocurrency and digital tokens law went into effect. The legislation essentially put it into the same category as securities.
Malaysia requires all cryptocurrencies and digital assets to be approved by the SC before it can be traded on any exchanges. DAX operators who have not been approved by the SC are required to cease all activities immediately and return all monies and assets collected from investors.