The Securities Commission Malaysia (SC) is a statutory body who has made an announcement of registering three recognized market operators (RMOs) to open up digital asset exchanges (DAXs) in Malaysia. The SC hasn’t only registered the RMOs for the opening up of the DAXs, but it has also registered the RMOs for the operation of the DAXs in Malaysia. The RMOs can comply with every regulatory requirement completely within 9 months.
If the SC has not approved a DAX operator, then the operator would have to stop their activities in no time. They even would have to return all monies and assets of investors. If the operator operates a DAX with no authorization from the SC, then the act will be considered as an illegal act under securities laws. The operator may be fined or imprisoned or both.
SINEGY Technologies (M) Sdn Bhd is one of the three registered digital asset exchanges (DAX) operators. SINEGY Technologies is a fintech company helping in driving digital assets growth. It was set up in the month of June in 2017. Kelvyn Chuah and Wei Chi Chan are the founders of SINEGY Technologies. The main purpose of the fintech company SINEGY Technologies is to develop platforms, tools, and services for cryptocurrencies. .alt+ is a trading solution and service platform launched by the company. It is designed for high net worth individuals which helps them in expanding their portfolio into digital assets, according to CrunchBase.
David Low is the General Manager of Southeast Asia at Luno who said, “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,” Cointelegraph reported.
Tokenize Technology (M) Sdn Bhd and Luno Malaysia Sdn Bhd are two more registered digital asset exchanges (DAX) operators, Suruhanjaya Sekuriti Securities Commission Malaysia reported.