Tokenize Xchange Granted Full Approval by Securities Commission
By Digital News Asia April 2, 2020
- Focus in Malaysia to champion a safe and secure platform as well as user friendly
- Digital asset industry one of best equipped to handle a pandemic & is business as usual
Digital asset exchange (DAX) operator Tokenize Malaysia has received its full approval by Securities Commission to operate in Malaysia. As an approved platform, Tokenize Malaysia can now accept clients with its digital asset exchange being recognised as a safe and secure platform.
This comes after the Securities Commission in June 2019 awarded three digital asset exchanges with conditional approval out of 23 digital exchanges who applied. Those awarded include Luno Malaysia Sdn Bhd, SINEGY Technologies (M) Sdn Bhd and Tokenize Technology (M) Sdn Bhd.
The three operators were then given up to nine months to fully comply with all regulatory requirements prior to receiving a full license. Stringent processes were put into place by the Securities Commission to ensure operators would meet its standards and requirements in their role as recognised market operators (RMOs).
“It’s a crucial moment we have been looking forward to. We are now able to go ‘live’ in Malaysia and it is perfect timing - as we have received many enquiries from individuals aged 24 to 50 years old who are keen to invest in digital assets,” said Hong Qi Yu, Chief Executive and Chief Technology Officer of Tokenize Malaysia.
“Our focus in Malaysia is to champion a safe and secure platform as well as a user friendly experience by offering both website and mobile apps clear guidance on digital asset investments,” he added.
When asked to comment about the current situation globally, Hong adds “Covid-19 has put a spanner in the works for many companies whose workforce are now working remotely. Many are struggling to put into place guidelines for productivity as a result of the Movement Control Order (MCO) or lockdown globally.
“The digital asset industry is by far one of the best equipped and it is business as usual for us as the industry is used to working and communicating effectively across time zones and managing teams remotely.
“That being said, similar to what the stock markets and businesses have experienced, in terms of the volatility of sales, revenue and business continuity at stake - the digital asset market has also seen very volatile movements.
“Prices of bitcoin for example have fallen by almost 50%. While some may see it as an opportunity to invest, it is nevertheless a bearish market and individuals should be well informed before looking into investing into digital assets.
“At Tokenize Malaysia, we prioritise a safe and secure platform with full transparency of what is happening in the digital asset marketplace. Users can track movements of their preferred currency at the tip of their fingers - and can research and make a decision from there,” added Hong.
Founded by Malaysian entrepreneur, Hong Qi Yu, Tokenize Xchange first began its operations in Singapore back in October 2017, with over 100,000 clients to date. It aims to capture both the Malaysian market as well as South East Asia within its expansion plans. As an approved DAX, Tokenize Malaysia has a paid up capital of RM5 million.
Amongst the benefits of utilising Tokenize Malaysia includes:
- Seamless User Experience: Navigate through platforms easily, whether it is on the web or on the mobile app for a simple and easy to use approach to trading.
- Competitive Rates: Rates are as low as 0.1%.
- Access to Global Digital Asset Markets: Get access to established & emerging digital assets with our platform. Tokenize Exchange supports fiat to digital asset pairings.
- Top notch security: IP whitelisting & 2-Factor authentication available for extra security. Hybrid wallet mechanism & multi-signature strategy to guarantee asset safety.
- Tokenize Community: Users are able to explore & discuss established & emerging block-chain innovation in our Token Store online. Workshops will be conducted offline as well to educate newcomers.
- “Certainly, there is potential within the digital asset domain, and Tokenize Xchange is here to provide a safe and secure platform for Malaysians to invest,” added Hong.
“Certainly, there is potential within the digital asset domain, and Tokenize Xchange is here to provide a safe and secure platform for Malaysians to invest,” added Hong.