SCM Approves its First Cryptocurrency Exchange Operators in Malaysia
April 06, 2020
The Securities Commission Malaysia (SCM) has granted full approval to Tokenize Malaysia (TM) to operate as a cryptocurrency exchange in the country, following a nine-month probationary period.
According to Malaysian law, following registration with the SCM, local cryptocurrency exchanges have nine months within which to achieve compliance with the SCM’s regulation standards. With this approval, TM will be authorized to operate a digital asset exchange (DAX) and accept clients.
With the introduction of “the Capital Markets and Services Order 2019”, the SCM registered two other exchanges, Luno Malaysia and Sinegy Technologies, to function as cryptocurrency exchanges in Malaysia in order to regulate DAX operators.
According to local news media, out of 23 crypto exchanges that applied, only the aforesaid three received any form of approval with Luno Malaysia becoming the first to meet all regulatory requirements and receiving full approval.