SC gives Bitcoin Cash the green light, Malaysia’s 5th approved cryptocurrency

Securities Commission (SC) has provisionally approved Bitcoin Cash (BCH) as a digital asset in Malaysia. This means Malaysians will soon be able to buy or sell BCH on authorised cryptocurrency platforms. It also brings the total authorised crypto tokens to 5 which include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC)

The approval for Bitcoin Cash was revealed by SC Executive Director for Digital Strategy & Innovation, Chin Wei Min, during a live interview on Fintech News Malaysia. When asked whether it is counterproductive to their goal of getting more people to use regulated platforms when SC has to approve the cryptocurrencies first before it can be traded, Chin initially said Malaysia started with 3 and now we have 5 digital assets within one year and it is done based on market demand.

He added that the SC is open to engage and to approve more digital assets, and the current 5 are one of the most traded at the moment. When asked for further clarification on the 5 digital assets, Chin responded that the 5th asset is Bitcoin Cash which has been provisionally approved. This hasn’t been revealed previously in public domain. You can watch the full 50-minute interview on YouTube.

At the moment, Malaysia only has 3 digital asset exchange (DAX) – LunoSINEGY and Tokenize, which has been approved for cryptocurrency trading. To curb potential scams and investment issues, the public has been warned not to trade on unauthorised platforms. The SC maintains an investor alert list which include persons or platforms that are running regulated activities without a licence.

Recently, they have issued a reminder that P2P platform Remitano is illegal and they have worked closely with the MCMC to block the platform. Other unauthorised platforms also include Binance and eToro.

SEE ALSO:  Malaysians can soon buy and sell Bitcoin Cash via Luno

At the moment, Bitcoin Cash is valued at RM3,447, while Bitcoin is currently priced at RM211,393.

Alexander Wong