Official reports confirm that Luno Malaysia, Sinegy Technologies, and Tokenize Technology have been registered as licensed digital asset exchange operators by Malaysia’s Securities Commission (SC). This marks the country’s first regulated approval for cryptocurrency trading platforms.
The SC stated that these exchanges will have a 9-month adaptation period to comply with local regulatory standards.
Industry Reactions and Regulatory Context
David Low, General Manager of Luno Southeast Asia, commented:
"We’ve collaborated closely with regulators and banks to establish foundations for buying, selling, and storing cryptocurrencies. We view this as the future of finance. Regulation will ultimately provide consumer clarity and ensure investor protection."
This development follows Malaysia’s Capital Markets and Services Order 2023, enacted on January 15, which classifies digital currencies/tokens as securities under the SC’s jurisdiction. Key implications include:
- Mandatory SC approval for all digital asset businesses
- Compliance with Malaysian securities laws
⚠️ Penalties for non-compliance:
- 10-year imprisonment
- RM10 million fine (~USD2.4 million)
Future Regulatory Framework
The SC, working with Malaysia’s Central Bank (Bank Negara Malaysia), plans to release a comprehensive legal framework for digital assets by Q1 2025. The guidelines will cover:
- Operator eligibility criteria
- Price discovery mechanisms
- Client asset protection standards
Historically, Malaysia adopted a neutral stance:
- Cryptocurrencies aren’t recognized as legal tender
- Public usage remains unrestricted
Central Bank Governor’s statement:
"We empower the public to shape digital currencies’ future in Malaysia."
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FAQs
1. Which exchanges are now licensed in Malaysia?
Luno Malaysia, Sinegy Technologies, and Tokenize Technology.
2. What’s the penalty for unlicensed crypto operations?
10-year jail and RM10 million fine.
3. When will Malaysia’s full crypto regulations take effect?
The SC aims to finalize the framework by Q1 2025.
4. Are cryptocurrencies legal tender in Malaysia?
No, but public trading is permitted.
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