After 9 months, Malaysia securities regulator has given full approval to Tokenize Xchange, a cryptocurrency exchange operator, who can now legally operate in the country.
Commenting on the development, Hong Qi Yu, Chief Executive officer and Chief Technology Officer of Tokenize Malaysia, said:
“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 interesting inquiries from individuals aged 24 to 50 years old who are keen to invest in digital assets.”
Referring to the COVID-19 pandemic, Malaysian news agency SoyaCincau had quoted CEO Hong Qi Yu as saying:
“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.”
The SC has licensed the cryptocurrency exchange, amid the country’s continuing coronavirus pandemic crisis. The nationwide lockout was extended until at least April 14.
Crypto regulations in other countries
A pending bill may still inhibit cryptocurrencies from flourishing in India, with India’s parliament yet to rule on the “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill” from 2019. If passed, the bill will introduce unique regulatory frameworks for virtual currencies, utility tokens, and commodity-backed tokens.