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- Bitcoin Cash has been approved by the Malaysian regulators to be traded in the country
- With the addition of Bitcoin Cash, the total approved crypto counts have surged to five
- The Securities Commission is seeking to add more crypto assets following the demand of the users
Bitcoin Cash (BCH) has recently provisionally received approval from the Securities Commission (SC) in Malaysia. During a live interview, Chin Wei Min, executive director for digital strategy & innovation at SC, revealed the approval for BCH. Now the Malaysian residents will recognize BCH as a digital asset and will be able to trade the asset on authorized crypto platforms. With the approval of BCH now the country has five crypto assets that can be traded. Such assets include Bitcoin (BTC), Ripple (XRP), Litecoin (LTC), Ethereum (ETH), and Bitcoin Cash (BCH).
Bitcoin Cash is now approved in Malaysia
Malaysian regulatory bodies have goals to get the residents to use only regulated platforms. Many were concerned whether it is counterproductive to the SC’s goal of getting more people to use regulated platforms when the regulatory body has first to approve.
In the current scenario, the five approved cryptos are the only most traded assets in the country. However, the approval of Bitcoin Cash is first revealed to the public.
According to Chin, the country has started with only three cryptocurrencies and has surged to five within a year. Moreover, the additions are made following the demand in the market. Additionally, Chin highlighted that the SC is open to engage and approve more cryptocurrencies.
Malaysia has three cryptocurrency exchanges
In the current scenario, Malaysia has three digital currency exchange platforms. The platforms include Luno, SINEGY, and Tokenize, which have all received green signals for crypto trading.
According to the SC, to curb potential scams and investment issues, the residents have been warned to trade on unregulated platforms. Hence, the regulatory enforcement maintains an investor alert list that includes individuals and platforms that are operating regulated activities with no license.
Peer-To-Peer platforms are illegal
The SC is publishing warnings regarding unauthorized platforms to trade cryptocurrency in Malaysia. In the latest development, the regulatory enforcement has flagged Remitano, a Peer-to-Peer platform, as illegal. Moreover, SC has worked closely with the MCMC and blocked the platform in the country. On the other side, Few major crypto assets exchanges like Binance and eToro are also deemed as illegal by the regulators.
