The Securities Commission Malaysia (SC) announced that it has registered three Recognized Market Operators (RMOs). With the permit, the companies are able to launch and operate digital asset exchanges (DAXs) in Malaysia.

Digital Exchanges Driving the Malaysian Assets Market

The SC granted the permit to three DAX operators: Luno Malaysia Sdn. Bhd., SINEGY Technologies (M) Sdn. Bhd., and Tokenize Technology (M) Sdn. Bhd.

These new RMOs are allowed a maximum timeframe of nine months to fully comply with all regulatory requirements.

The securities regulator made the announcement in line with the issuances of the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 on January 15th, 2019 and the revised Guidelines on Recognized Markets on January 31st, 2019, introducing new requirements for DAX operators.

Strict Regulations for Malaysian Digital Operators

According to the SC, DAX operators who have not been granted licenses must cease all activities immediately and return all assets and funds deposited by investors.

Meanwhile, companies running a DAX without the necessary permits issued by the SC would be subject to Malaysia’s securities laws. Individuals found to have conducted unauthorized activities may face a fine, jail time, or both.

The SC added in its statement that the general public has been advised to exercise caution related to the risks of digital assets trading, especially activities on exchanges that have not yet registered with the SC.

Source: https://www.sc.com.my

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