In 2019, the Securities Commission (SC) of Malaysia announced that three digital asset exchanges (DAX) were granted conditional approval: Luno Malaysia, SINEGY Technologies, and Tokenize Technology. Now, Tokenize Malaysia has announced that full approval has been attained, after 9 months of a probationary period.
This means that the Tokenize Xchange platform has been recognised by authorities as a legally approved and regulated platform, and clients can now be accepted as a fully-licensed digital asset 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.”
What about the Movement Control Order in Malaysia?
Hong says that despite the COVID-19 pandemic, the approval has come at “perfect timing” for Tokenize. While many companies in Malaysia have struggled to maintain full day-to-day operations with the Movement Control Order (MCO) in full effect, the nature of the digital asset industry allows for business as usual.
“Many are struggling to put into place guidelines for productivity as a result of the Movement Control Order (MCO) or lockdown globally. 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.
However, there are challenges to the current situation. Stock markets have experienced volatile conditions—which also apply to the digital asset market. Hong explains that despite that, some may see it as “an opportunity to invest”.
Tokenize Malaysia was founded by a Malaysian entrepreneur—the aforementioned Hong Qi Yu, although operations were started in Singapore in October 2017. For more information, click here.
