On 4th June 2019, according to a press release, three Cryptocurrency exchange got registered in Securities Commission Malaysia naming Luno Malaysia, Sinegy Technologies and Tokenize technology. With SC’s regulation standards, it is by law that every Cryptocurrency exchange needs to get registered in SC and the one which is approved in recent times will have up to nine months to attain amenability.
David Low, Luno General Manager of Southeast Asia said that, “We’ve been working closely with regulators and banks to complete the groundwork for the buying, selling and storing of Cryptocurrencies and digital assets, which we believe are the future of money. Regulation will ultimately bring clarity and protection to consumers, and will ensure that all Cryptocurrency businesses have adequate standards in place to protect investors and their funds.”
On 15th January, 2019, SC introduced the Capital Market and Services (Prescription of Securities) (Digital Currency and Digital Token) Order followed by revised Guidelines on Recognized Market on 31st January, 2019. Cointelegraph has previously reported that on 15th January, the service order are definitively classified Cryptocurrencies as securities, which means that they come under the SC’s legal purview. Two papers have been published since January by SC addressing to public to gather feedback on its proposed ICO (Initial Coin Offering) regulations.
Kraken exchange disagreed and criticized the papers published by the Canadian Securities Administrators and the Investment Industry Regulatory of Canada to gather public feedback on proposed Cryptocurrency regulations. They come up claiming that neither the Cryptocurrencies nor the agreements between exchange and users, constituted security at all. This leads to an extremely unending argument between public and administration for why does the administration performing such a task if it didn’t constitute security.