Post-obit a nine-month-long probationary period, Malaysia-based cryptocurrency trading business firm, Tokenize Malaysia, has received full approval from local securities watchdog.

With the approval to operate a Digital Assets Exchange, the company'southward cryptocurrency trading platform, Tokenize Xchange, became legally approved and regulated by the Securities Commission (SC) of Malaysia, local news outlet, SoyaCincau, reported on April 3. The exchange offers fiat-to-digital asset pairings.

Malaysian laws require that local cryptocurrency exchanges register with the SC, after which they have upwardly to 9 month to accomplish compliance with the SC'south regulation standards.

Commenting on the development, Hong Qi Yu, CEO and CTO at Tokenize Malaysia, said:

"We are now able to go 'live' in Malaysia and it is perfect timing –- as nosotros take received many interested enquiries from individuals aged 24 to fifty years old who are slap-up to invest in digital avails."

The SC registered the firm — along with Luno Malaysia and Sinegy Technologies — last June. At the time, Luno stated that the aforementioned three exchanges were the just registered digital asset exchanges to operate in Malaysia.

The SC introduced the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2022 on January xv, 2022. The regulation classifies digital currencies, tokens, and crypto-avails equally securities, placing them under the Securities Commission'due south authority.

Crypto regulations in other countries

While some countries undertake efforts to develop adequate cryptocurrency-related regulations, others are in no hurry to give digital assets the dark-green calorie-free. Thus, after facing multiple delays, the adoption of Russia'southward major cryptocurrency law volition exist postponed over again, this time due to the coronavirus.

A pending neb may withal inhibit cryptocurrencies from flourishing in Bharat, with Bharat'southward parliament yet to rule on the "Banning of Cryptocurrency and Regulation of Official Digital Currency Pecker" from 2022. If passed, the bill will introduce unique regulatory frameworks for virtual currencies, utility tokens, and commodity-backed tokens.