Digital asset exchange (DAX) operator Tokenize Malaysia has been given the official green light by the Securities Commission Malaysia (SC) to operate in Malaysia. Users in Malaysia and globally can now safely and securely trade digital assets such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) on the platform.
Tokenize Xchange is the second Recognised Market Operator (Digital Asset Exchange) after Luno Malaysia to receive full approval by the SC. In June 2019, the SC awarded conditional approval to three out of 23 applicants which included Luno Malaysia Sdn Bhd, SINEGY Technologies (M) Sdn Bhd, and Tokenize Technology (M) Sdn Bhd.
The three operators were given up to nine months to fully comply with all regulatory requirements before receiving a full license. SC guidelines state that companies dealing with digital assets will need to put in place anti-money laundering and counter-terrorism financing (AML/CFT) rules, cybersecurity and business continuity measures, amongst other things. This ensures that approved DAXs have standards in place for the protection of customers and their funds.
“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,” said Hong Qi Yu, chief executive officer and chief technology officer of Tokenize Malaysia.
The company is focused on being a champion of safe and secure platform as well as a user-friendly experience, offering both website and mobile apps that provide guidance on digital asset investments.
The COVID-19 outbreak has an unprecedented impact on people’s lives and the global economy. Stock markets have seen volatile movements as the pandemic continues to threaten business continuity. Likewise, in the cryptocurrency market, prices have been similarly volatile. Prices of Bitcoin (BTC) for example, have plummeted by almost 50 percent.
Hong warns that while some may see it as an opportunity to invest, people should be well-informed before investing.
Tokenize Xchange was founded in October 2017 in Singapore by Malaysian entrepreneur Hong Qi Yu. Since then, the platform has grown to serve over 100,000 clients to date. The company has a paid-up capital of MYR5 million and has set its sights on a South East Asian expansion.
To learn more and to get started with Tokenize, visit tokenizemalaysia.com.