The Securities Commission Malaysia (SC) has registered cryptocurrency exchanges Luno Malaysia, Sinegy Technologies and Tokenize Technology, per a press release on June 4.

Crypto exchanges are reportedly needed by law to register with the SC, and therefore the recently-approved exchanges can have up to 9 months to realize compliance with the SC’s regulation standards.

In a statement shared with Top Market Group, Luno expressed that the aforesaid 3 exchanges are the sole registered digital asset exchanges to control in Malaysia. Luno head of Southeast Asia David Low said:

“We’ve been operating closely with regulators and banks to finish the groundwork for the shopping for, selling and storing of cryptocurrencies and digital assets, that we believe are the future of cash. Regulation can ultimately bring clarity and protection to shoppers, and can make sure that all cryptocurrency businesses have adequate standards in place to guard investors and their funds.”

The SC introduced the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 on Jan 15, followed shortly by its revised tips on Recognized Markets on Jan 31.

As antecedently reported on Top Market Group, the service order on Jan 15 definitively classified cryptocurrencies as securities, which means they fall under the SC’s legal purview.

Since Jan, the SC has revealed 2 papers addressed to the general public with the intent of gathering feedback on its projected initial coin providing (ICO) rules in concert of its agenda things.

In Canada, the Canadian Securities directors and therefore the Investment business regulative Organization of Canada free papers for public feedback on projected cryptocurrency rules, to that the main exchange Kraken replied with heavy disagreement and criticism. one among Kraken’s main claims in its reply was that neither cryptocurrencies, nor the agreements between exchanges and users, constituted securities at all.

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