Crypto trading platform Tokenize Malaysia has reportedly received full regulatory greenlight to offer services in the region, after a probation phrase lasting up to 9 months.
Specifically, following the authorization to function as a Digital Assets Exchange, the firm’s crypto exchange platform – Tokenize Xchange, which offers fiat-to-crypto asset pairings services – has met all legal requirements set out by the Securities Commission (SC) of Malaysia, and will be under the regulation of the agency.
Under Malaysian laws, it is mandatory for crypto exchange firms to fulfill their registration duty with the SC, and will be granted a 9-month period to be in line with the compliance level, regarding regulation standards, from the SC.
“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.”
The SC has finalized the registration process for the company – together with Luno Malaysia and Sinegy Technologies – in June 2019.
The SC has also rolled out the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019, on January last year. Accordingly, cryptocurrencies, tokens, and crypto-assets will be legally viewed as securities, and the Securities Commission will have authority over them.