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KUALA LUMPUR – Malaysia’s digital assets market is well regulated to promote responsible innovation and at the same time ensure the investors’ interests are protected, said the Securities Commission (SC).
To date, there are four registered digital asset exchange (DAX) operators – MX Global Sdn Bhd, Sinegy Dax Sdn Bhd, Luno Malaysia Sdn Bhd and Tokenize Technology (M) Sdn Bhd.
DAX is an electronic platform that facilitates digital asset trading, allowing investors to trade permitted currencies such as Bitcoin, Ether, Ripple, Litecoin and Bitcoin Cash.
Trading of digital assets on DAX platforms is open to all investors.
“We saw this as an area for greater investment diversification, greater investor protection that requires more scrutiny by regulators to enable Malaysians to have wider investment choices,” it said during a media briefing on DAX today.
Malaysia’s regulated digital market has been relatively small with an average trading volume of less than 1% of Bursa Malaysia’s trading volume, or RM16 million on average per day.
SC advised investors to opt for a regulated market to ensure their assets are protected.
“In a regulated environment, they will have to go through a vigorous application process in order to get a licence to ensure investor protection. If something goes wrong, investors are able to seek redress with the SC in accordance with our law,” it said. – Bernama, December 1, 2022