Malaysia securities regulator has granted full approval to Tokenize Xchange, a cryptocurrency exchange operator, to operate legally in the country.
Malaysian regulations allow local cryptocurrency exchanges to register with the SC, after which they would have just nine months to meet the SC’s regulatory standards. Tokenize Xchange received full approval from Malaysia’s Securities Commission (SC) after a 9-month probation period. The authorities have recognized the companies cryptocurrency platform as a legally approved and regulated platform, and clients can now be accepted as a fully licensed digital assets Exchange.
According to Hong Qi Yu, Chief Executive officer and Chief Technology Officer of Tokenize Malaysia:
“It’s a crucial moment we have been looking forward to. 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 licensed the cryptocurrency exchange, amid the country’s continuing coronavirus pandemic crisis. The nationwide lockout was extended until at least April 14.
Tokenize Malaysia was founded by a Malaysian entrepreneur, Hong Qi Yu, while operations began in October 2017 in Singapore.
Referring to the COVID-19 pandemic, Malaysian news agency SoyaCincau had quoted CEO Hong Qi Yu as saying:
“The digital asset industry is by far one of the best equipped and it is business as usual for us as the industry is used to working and communicating effectively across time zones and managing teams remotely.”