Tokenize Xchange Granted Full Approval by Securities Commission Malaysia

Date : 2-Apr-2020
Location: Kuala Lumpur

Key Takeaways:

• 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 amidst the first announcement by the Securities Commission in June 2019 that awarded only three digital asset exchanges (DAX) 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).
• 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 digital asset exchange (DAX), Tokenize Malaysia has a paid up capital of RM5 million.

Offerings:

Tokenize Xchange is here to provide a safe and secure platform for Malaysians to invest,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.

 Spokepersons:

• Hong Qi Yu, Chief Executive Officer and Chief Technology Officer of Tokenize Malaysia,said,the platform received many interested enquiries from individuals aged 24 to 50 years old who are keen to invest in digital assets. He added that the 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.

Tokenize Founder, Hong Qi Yu (centre)interacts with the crowd during an event held recently

Insights:

• The digital asset industry, although premises on a fully digital foundation which ensures business continuity in the event of a pandemic, is not spared from a highly volatile trading movements lately - similar to what the conventional stock markets are experiencing.
• 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.

Editor's comments:

• A digital asset exchange is a platform where consumers can buy and sell cryptocurrencies securely and legally.
• Compared with a digital asset marketplace, which provides a matching platform for consumers to buy and sell on a peer-to-peer basis; an exchange usually caters for expert users who would trade for a profit, it usually includes trading features such as allowing buy-low-and-sell-high (or vice versa) and trading at a volume.
• Nonetheless, the Tokenize Excahnge also promises user-friendliness, and that would allow average users to become traders.
• An exchange usually doesn't profit from buy-low-and-sell-high but from transaction fees.
• Being regulated by the authorities means that traders are granted fraud protection.