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Investing in Cryptocurrency: Which Digital Asset Platform Should I Use?

According to Finder's 2022 Cryptocurrency Adoption Index, over 3.5 million Malaysians own cryptocurrencies. This indicates that cryptocurrency adoption has gained momentum among Malaysians in recent years and more Malaysians are considering cryptocurrency investments.

Although Malaysia has seen a strong adoption of digital assets, there are often misconceptions surrounding digital assets and cryptocurrencies, especially beginners who are new to crypto as information is often lost in translation.

If you just started paying attention to cryptocurrency and are looking for a digital assets platform to begin your crypto investing journey, here is a brief introduction about digital assets exchanges (DAX) in Malaysia.

Digital Assets Exchange (DAX) are regulated by the Securities Commission Malaysia

As a statutory body entrusted with the responsibility to regulate and develop the Malaysian capital market, the Securities Commission Malaysia (SC) has enforced regulations and guidelines on digital assets exchanges to ensure investors interests are safeguarded.

In Malaysia, Digital Assets Exchange (DAX) is a recognised market operator (RMO) under the SC. The role of a DAX operator is to facilitate the trading of digital assets such as cryptocurrencies and tokens.

To be registered as a RMO with the SC, DAXes have to undergo robust assessment and review by the SC before they are approved to operate in Malaysia. These assessments includes various factors to ensure recognised DAXes are operating in an orderly, fair and transparent environment.

Further guidelines in which RMOs are obligated to follow can be found at the SC’s website, here.

Which Digital Assets Exchange (DAX) are approved by the Securities Commission Malaysia?

At the time of writing, the SC has registered four (4) Recognized Market Operators (RMOs) to establish and operate digital asset exchanges in Malaysia, they are:-

1. Luno

Luno is a global crypto investment app on a mission to put the power of crypto in everyone’s hands. Founded in 2013, Luno offers investors a safe and easy way to explore, buy, and store cryptocurrencies. It has since grown to become a leader in responsible crypto education and investment, introducing over 10 million people to crypto. It is available in more than 40 countries across Europe, Africa, and Asia.

2. MX Global

Founded in 2018, MX Global is a Kuala Lumpur-based fintech company with a mission to create a highly accessible and secure cryptocurrency trading platform that allows merchants, consumers, and traders to transact cryptocurrencies. MX Global envisions the MX Exchange trading platform to be the preferred liquidity platform for cryptocurrency investors and token issuers in Malaysia.

3. Sinegy

Founded in 2017, Sinegy is a homegrown platform from Georgetown, Penang. After obtaining full approval to be a Digital Asset Exchange (DAX) operator in 2019, Sinegy has gone on to nurture many corporate clients, industry developments, and partnerships with industry leaders. In 2020, Sinegy was listed by Fintech News as one of Malaysia’s Top 20 Fintech Companies with the platform trading more than USD 16 million in their first 6 months of operations.

4. Tokenize

First launched in Singapore, Tokenize made news when Kenanga Investment Bank acquired 19% stake in its Malaysian operation. They are one of the four RMO regulated by the Securities Commission of Malaysia to operate a DAX. Tokenize makes it easy and safe for investors to seamlessly withdraw/deposit funds to/from local bank account using eGHL FPX or Online Bank Transfers so you can buy, sell, trade or hold cryptocurrencies.

In addition to the registered DAXes in Malaysia, you should also be aware of the Securities Commission’s Investor Alert List which provides an updated list of unauthorised websites, investment products, companies and individuals that are not recognised or approved by the SC.

If the digital asset exchanges have not been registered with and approved by the SC, you might be taking a risk if you use them. An approval by and registration with the SC indicates that the DAX has met the SC’s requirements for investor protection.

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