The Malaysian Securities Commission (SC) has recognized and accepted the registration of three cryptocurrency exchanges in the country: Luno Malaysia, Sinegy Technologies and Tokenize Technology.
A press release on Monday detailed the event, explaining that from now on crypto exchanges must be registered with the SC to operate legally. The three names exchanges will now have nine months to meet all compliance requirement by the markets regulator.
Luno General Manager in Southeast Asia David Low told CoinTelegraph that these are the only such companies registered to legally trade digital assets in the country. He explained:
“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.”
The SC introduced the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 on in 2019 on 15 January and this very quickly followed by a revised Guidelines on Recognized Markets on 31 January. In that month, it enacted 15 new crypto regulations.
Since then, it has published two papers, requesting public feedback on its proposed regulations for token offerings and other related issues.
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