More Malaysians Buy Bitcoin as Regulators Approve Three Exchanges
Malaysian’s interest in the cryptocurrency market has surged after the Securities Commission Malaysia (SC) granted conditional approval to three Digital Asset Exchanges (DAXs) last month. The exchanges have been given nine months to fully comply with SC’s requirements to operate in the country, according to a report by The Malaysian Reserve.
More Malaysians Catching the Bitcoin Fever
Per the report, local investors and ordinary Malaysians are now showing remarkable interest in cryptocurrency investments following the conditional approval given to three bitcoin trading venues in the state in June 2019.
The exchanges are Luno Malaysia Sdn Bhd, Tokenize Technology (M) Sdn Bhd, and Sinegy Technologies (M) Sdn Bhd, and the regulator has made it clear that they must meet all have months to fully meet its requirements before they are granted the license to operate in the nation.
Reportedly, following the partial approval, the exchanges will be allowed to offer only three cryptos, including bitcoin (BTC), ether (EH), and XRP.
Commenting on the exciting development, David Low, Luno’s South-East Asia General Manager stated via email that the number of inquiries received from prospective clients interesting in investing in digital assets via its platform has tripled in the past month, thanks to the SC greenlight.
“We have many queries from investors…it has definitely increased, and our investors mostly ask when will they be able to sign up and deposit their money again,” he said.
Low also remarked that Luno completely supports the SC’s directive to warn people against investing in unauthorized initial coin offerings (ICOs) or buying digital assets from unauthorized exchanges.
In the same vein, John Sidoli, Sinegy Technologies head of institutional sales has hinted that the digital exchange aims to attract over 10,000 new investors once it secures the full approval of the SC and that number could hit 30,000 investors by June 2020.
Per The Malaysian Reserve, the financial regulator had informed last week of an increase in queries and complaints about ICOs and DAXs from the general public.
The SC reiterated that people need to be wary of ICOs because none of them has been authorized until its guidelines are finalized.
It added that asides from the three DAX operators it has granted conditional approval to, no other online digital exchange platform is allowed to offer its services in Malaysia currently.
Also in the area of regulation, BTCManager reported on July 8, 2019, that the Executive Board Member of the European Central Bank (ECB) has called on financial watchdogs around the world to hasten the process of regulating bitcoin and other cryptocurrencies.