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Malaysian Securities Commission Has Registered Three Crypto Exchanges

05 June 2019 08:12, UTC

The Securities Commission Malaysia (SC) has registered cryptocurrency exchanges Luno Malaysia, Sinegy Technologies and Tokenize Technology, as was announced in a press release.

In accordance with state law, crypto exchanges must be registered by SC, and newly approved exchanges will take up to nine months to achieve compliance with SC regulatory standards. The above three exchanges are the only registered digital asset exchanges operating in Malaysia. Luno Southeast Asia General Manager David LOW stated:

“We’ve been working closely with regulators and banks to complete the groundwork for the buying, selling and storing of cryptocurrencies and digital assets, which we believe are the future of money. Regulation will ultimately bring clarity and protection to consumers, and will ensure that all cryptocurrency businesses have adequate standards in place to protect investors and their funds.”

Since January 2019, Malaysia has finally classified cryptocurrencies as securities, which means that they fall under the legal authority of SC. The punishment for an unofficially organized digital asset exchange or ICO in Malaysia is quite severe: 10 years in prison and a fine of 10 mln ringgits (approximately 2.4 mln of US dollars).

Image courtesy of Fintech News Malaysia