Malaysia registers three cryptocurrency exchanges

The Securities Commission Malaysia (SC) has registered three new cryptocurrency exchanges, namely, Luno Malaysia, Sinergy Technologies, and Tokenize Technology.

According to its press release, the three new recognized market operators (RMAs) are given 9 months to comply with all the country’s regulatory requirements before receiving a full license to establish and operate digital asset exchanges.

The announcement follows after Malaysia put into full force its Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 last January 15, followed shortly by its revised Guidelines on Recognized Markets on January 31.

Malaysia requires all cryptocurrencies and digital assets to be approved by the SC before it can be traded on any exchanges. Last month, Fintech News reported that the SC cracked down unregistered crypto exchanges, ordering them to stop all their operations and return all funds and assets collected from investors.

Recently, Japan approved a bill that amends to two existing financial laws, namely, the Funds Settlement Act and the Financial Instruments and Exchange Act. Both seek to enhance local cryptocurrency trading regulations.