It is legally compulsory for crypto exchanges, operating in Malaysia, to register with the SC in order to do business in the region. The 3 above-mentioned exchanges will receive a 9-month period, to meet all the requirements of the SC regulation standards.
According to David Low – Luno Malaysia General Manager of SEA region – they, along with Sinegy and Tokenize, are currently the only exchanges authorized to carry out transactions regarding digital assets in the country.
“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.” Low further claimed.
The Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 was publicly introduced in Jan 15th, by the SC, and will classify cryptocurrency as securities. On Jan 31st, the revised Guidelines on Recognized Markets was in effect.