Securities Commission Malaysia (SC) has recently registered three new Recognized Market Operators (RMOs) – Tokenize Technology Sdn Bhd, Luno Malaysia Sdn Bhd, and Sinegy Technologies Sdn Bhd.
Malaysia reportedly requires cryptocurrency exchanges to register with the country’s Securities Commission. The three newly-certified RMOs have been given nine months to meet regulation standards.
Luno on the Issue
A press statement released by Luno confirmed that the three aforementioned platforms are the only registered exchanges that can operate in Malaysia.
David Low, Luno’s General Manager of Southeast Asia, said they have been working with banks and regulators to finish the foundation for the buying, selling, and storage of digital assets and cryptocurrencies. He added that Luno’s believes crypto is the future of money and that regulation will bring security and clarity to consumers. It will also ensure that all crypto businesses will have set standards in place that will protect investors.
Malaysia’s SC announced the Capital Markets and Services Order (Prescription of Securities, Digital Currency and Digital Token) last January 15. This was then followed with the release of the updated Guidelines on Recognized Markets on January 31.
The SC Order clearly classified cryptos as securities, which means they fall under the jurisdiction of the Securities Commission. Since the start of the year, the SC has published two papers that aimed to get feedback on its planned regulations on initial coin offering (ICO).
Canada has also gone the same route. The Investment Industry Regulatory Organization of Canada and the Canadian Securities Administrators have also released several papers to gather feedback on their proposed crypto legislation.