Pursuant to Chapter 3 of the Guidelines, an applicant intending to register as an RMO must satisfy the Securities Commission on various criteria, including but not limited to the following: -The applicant will be able to operate an orderly, fair and transparent market in relation to the securities or derivatives that are traded through its platform; -The applicant will be able to carry out its obligations as set out in the Guidelines; -The information or document that is furnished by the applicant to the Securities Commission is not false or misleading nor does it contain any material omission; -The applicant is not in the course of being wound up or otherwise dissolved; -The applicant’s business model has a clear or unique value proposition or will contribute to the overall development of the capital market; and. 5 . Luno, the first Securities Commission-approved digital asset exchange in Malaysia, announced today that the company has processed over RM 827 million worth of transactions in Malaysia since its relaunch in 2019. }); This makes it one of three digital asset exchanges to be regulated in Malaysia, allowing investors to buy, sell and store cryptocurrencies. -To ensure all fees and charges payable are fair, reasonable and transparent; -To ensure that it does not engage in any business practices appearing to the Securities Commission to be deceitful, oppressive or improper (whether unlawful or not) or which otherwise reflect discredit on its method of conducting business; -To have in place processes to monitor anti-money laundering and anti-terrorism financing requirements (under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001) as set out in the Guidelines on Prevention of Money Laundering and Terrorism Financing for Capital Market Intermediaries; -To ensure that its platform is operating in an orderly, fair and transparent manner; -To have in place rules and procedures for the trading, clearing and settlement of Digital Assets on its platform; and. The Securities Commission Malaysia (SC) has approved three digital asset exchanges as “Recognized Market Operators” (RMOs) to establish and operate digital asset exchanges (DAX) in Malaysia. | SINEGY, a homegrown financial technology startup headquartered in Penang, is a … As per the report, the agency has approved at least four digital assets in the nation up until this month. -Compliance with all other legal and regulatory frameworks in Malaysia and other jurisdictions which the project operates in. Securities Commission Malaysia preps digital asset trading rules . It has been a long journey for Luno, from our entry into the Malaysian market in 2015, which led to us becoming, in just two years, the largest digital asset exchange in the country. Digital asset exchange (DAX) operator Tokenize Malaysia has been given the official green light by the Securities Commission Malaysia (SC) to operate in Malaysia. Claiming it is the largest digital asset exchange in Malaysia, Aaron Tang, Country Manager, Luno revealed that they have more than 180,000 users and over … In addition to the non-exhaustive list of criteria above, there are other criteria to be satisfied for an RMO to operate as a DAX Operator in Malaysia, including but not limited to the following: -An applicant intending to operate as a DAX Operator must be a company incorporated in Malaysia with a minimum paid-up capital of Ringgit Malaysia Five Million (RM5,000,000.00); -In the event the applicant is a public company, a minimum of one member of the board must be an independent director; -The applicant must operate an orderly, fair and transparent market in relation to the Digital Assets, securities and/or derivatives that are traded on its platform; -The applicant must have provisions to be able to protect investors and the public interest, promote fairness and transparency, manage conflicts of interest, promote fair treatment of its users, and to ensure proper regulation and supervision of its users or any person using and accessing its platform; -The applicant must have appropriate security measures in place; and, -The applicant must have at least one responsible person who must be a chief executive or person primarily responsible for the operations and management of the DAX Operator. This responsible person shall be a liaison with the Securities Commission Malaysia; and. As regulatory oversight increases around the world this will help stabilise and develop the sector.” … With the permit, the companies are able to launch and operate digital asset exchanges (DAXs) in Malaysia.. Digital Exchanges Driving the Malaysian Assets Market. 1.Luno uno is the most popular digital asset exchange in Malaysia which has served over 3 million users from more than 40 countries. Such obligations include but are not limited to the following: -To monitor and ensure compliance with its rules; -To ensure that all disclosures are fair, accurate, clear and not misleading; -To obtain and retain self-declared risk acknowledgement forms from its users before investing in the DAX Exchange; -To provide prior disclosure to investors that any loss resulting from the investors trading or investment through the recognized market is not covered by the Capital Market Compensation Fund. In addition, the Securities Commission Malaysia … SINEGY is the first crypto exchange approved by Malaysia’s securities regulator. As a countermeasure against any unlawful activities that may occur on the electronic platform, DAX Operators are imposed with obligations as an RMO (pursuant to Chapter 6 of the Guidelines) and, in addition, as a DAX Operator (pursuant to Chapter 15 of the Guidelines). Licenses to Operate a Cryptocurrency Exchange will be issued by Securities Commission Malaysia Following the gazette and the amended Guidelines on Regconised Markets issued early 2019, cryptocurrency exchanges are to be regulated by Securities Commission Malaysia. A Recognized Market Operator for Digital Asset Exchange in Malaysia. This law allows the Securities Commission Malaysia to regulate digital assets as prescribed securities. The Securities Commission may at any time impose additional financial requirements or other terms and conditions on the DAX Operator that commensurate with the nature, operations and risks posed by the DAX Operator. From now on, anyone caught operating unauthorised initial coin offerings (ICOs) or digital asset … Pursuant to Chapter 9 of the Guidelines, an RMO and/or Dax Operator shall not cease its business and/or operations of its DAX Exchange without prior engagement with the Securities Commission. Luno allows Malaysia users to buy Bitcoin, Ethereum, XRP and Bitcoin Cash through a Malaysian Ringgit (MYR) trading pair (i.e BTC/MYR). The three digital asset exchanges in Malaysia have collectively opened more than 400,000 accounts. Malaysia's Securities Commission is seeking feedback before finalizing a regulatory framework for digital asset wallet providers. SINEGY is the first crypto exchange approved by Malaysia’s securities regulator. Regulations are currently being put in place to bring digital assets within the remit of securities laws to promote fair and orderly trading and ensure investor protection. Malaysia is continuing to further its reputation as an advocate for Fintech innovation. Digital asset exchanges represent a huge opportunity globally -- the Asean region included. According to a notice from Malaysia's Securities Commission, 21 of the country's 43 digital asset exchanges will be forced to close after they failed to register by the 1 March deadline.To continue reading... Sign in Password * Remember me Lost your password? Understand about bitcoin, ethereum, cryptocurrency, blockchain. A survey conducted by the World Economic Forum already predicts how 10% of the world’s GDP will be stored on blockchain technology by 2027. An RMO and/or DAX Operator may also apply to the Securities Commission to withdraw its registration and provide reasons for its withdrawal by notice in writing. Luno also claims to be the largest digital asset exchange in the country with more than 180,000 users while commanding … In this regard, the Securities Commission may issue a direction or impose any term and condition to ensure the orderly cessation of the business and/or operations of the DAX Exchange. The commission has currently allowed three digital asset exchanges (including Tokenize, SINEGY, and Luno) to operate in the country. It is pertinent to note that, under Chapter 15 of the Guidelines, no DAX Operators are permitted to facilitate the trading of any Digital Asset unless the Securities Commission has provided approval for the trading of the said Digital Asset. Following the coming into force of the Capital Markets and Services (Prescription of … The digital currency industry in Malaysia received long-awaited clarity sought by many entrepreneurs and investors when on 15.1.2019 digital assets were finally recognized as securities under the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 (“CMS Prescription Order”). -The Securities Commission may at any time impose additional financial requirements or other terms and conditions on the DAX Operator that commensurate with the nature, operations and risks posed by the DAX Operator. Luno founded in South African in 2013, has received conditional approval from the Securities Commission (SC) of Malaysia as a Recognised Market Operator (Digital Asset Exchange). ', { Luno, a global bitcoin and cryptocurrency exchange, announced today that the Securities Commission (SC) of Malaysia has conditionally approved Luno’s application as a Recognized Market Operator (Digital Asset Exchange).. Source: Securities Commission Malaysia. 4 The largest of the digital asset exchanges has processed transactions worth more than RM287 million since October 2019. Furthermore, the board of directors of RMOs and DAX Operators have obligations and reporting requirements to the Securities Commission pursuant to Chapter 6 and Chapter 15 of the Guidelines respectively and must adhere to requirements relating to the trading of Digital Assets and its internal audit and/or as directed by the Securities Commission from time to time. To ensure all fees and charges payable are fair, reasonable and transparent; To ensure that it does not engage in any business practices appearing to the Securities Commission to be deceitful, oppressive or improper (whether unlawful or not) or which otherwise reflect discredit on its method of conducting business; To have in place processes to monitor anti-money laundering and anti-terrorism financing requirements (under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001) as set out in the Guidelines on Prevention of Money Laundering and Terrorism Financing for Capital Market Intermediaries; To ensure that its platform is operating in an orderly, fair and transparent manner; To have in place rules and procedures for the trading, clearing and settlement of Digital Assets on its platform; and. The Stock Exchange of Thailand (SET) will launch a digital asset trading platform in the second half of 2021 to allow trading on all types of digital token assets excluding cryptocurrencies. Financial … Tokenize Malaysia was granted full approval as a Digital Asset Exchange Operator (“DAX”) by the Securities Commission of Malaysia (“SC”) on April 1st 2020. Chong has no plans to register the digital exchange with the Securities Commission Malaysia because Fusang already has a securities exchange licence from the Labuan Financial Services Authority, which comes under the purview of the Ministry of Finance. Malaysia regulates to protect investors; Singapore for FDI and industry leadership DESPITE the decision to drop out by nearly half of the Digital Asset Exchanges initially registered with the Securities Commission Malaysia (SC), the outlook by some in the ecosystem is mostly positive and optimistic of the SC’s efforts. 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