Digital asset exchange (DAX) operator Tokenize Malaysia has received its full approval by the Securities Commission Malaysia (SC) to operate in Malaysia.
As the SC is the statutory body carrying out the responsibility to regulate and develop the Malaysian capital market, this marks Tokenize Xchange’s recognition here in Malaysia as a legally approved and regulated platform. With this, Tokenize Malaysia can now accept clients with its digital asset exchange being recognised as a safe and secure platform.
This comes amidst the first announcement by the Securities Commission in June 2019 that awarded only three digital asset exchanges (DAX) with conditional approval out of 23 digital exchanges who applied. Those awarded include Luno Malaysia Sdn Bhd, SINEGY Technologies (M) Sdn Bhd and Tokenize Technology (M) Sdn Bhd.
The three operators were then given up to nine months to fully comply with all regulatory requirements prior to receiving a full license. Stringent processes were put into place by the Securities Commission to ensure operators would meet its standards and requirements in their role as recognised market operators (RMOs).
“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.
“Our focus in Malaysia is to champion a safe and secure platform as well as a user friendly experience by offering both website and mobile apps clear guidance on digital asset investments,” he added.
When asked to comment about the current situation globally, Hong adds “Covid-19 has put a spanner in the works for many companies whose workforce are now working remotely. 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.
“That being said, similar to what the stock markets and businesses have experienced, in terms of the volatility of sales, revenue and business continuity at stake – the digital asset market has also seen very volatile movements.
“Prices of bitcoin for example have fallen by almost 50%. While some may see it as an opportunity to invest, it is nevertheless a bearish market and individuals should be well informed before looking into investing into digital assets.
“At Tokenize Malaysia, we prioritise a safe and secure platform with full transparency of what is happening in the digital asset marketplace. Users can track movements of their preferred currency at the tip of their fingers – and can research and make a decision from there,” added Hong.
Founded by Malaysian entrepreneur, Hong Qi Yu, Tokenize Xchange first began its operations in Singapore back in October 2017, with over 100,000 clients to date. It aims to capture both the Malaysian market as well as South East Asia within its expansion plans. As an approved digital asset exchange (DAX), Tokenize Malaysia has a paid up capital of RM5 million.