Tokenize Xchange gets nod from SC

Tokenize Malaysia, a digital asset exchange (DAX) operator, has received approval to operate in Malaysia by Securities Commission (SC).

Henceforth, the DAX operator can now accept clients as it is recognised as a safe and secure platform.

Hong Qi Yu, Chief Executive Officer and Chief Technology Officer of Tokenize Malaysia

According to Hong Qi Yu, Chief Executive Officer and Chief Technology Officer of Tokenize Malaysia, it’s a crucial moment they have been looking forward to.

“We are now able to go ‘live’ in Malaysia and it is perfect timing – as we have received many interested enquiries from individuals aged 24 to 50 years old who are keen to invest in digital assets,” Hong said excitedly.

Last year in June, Tokenize was awarded a conditional approval along with two other digital asset exchanges operators.

They were given 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).

In a statement, Hong said that their focus in Malaysia is to champion a safe and secure platform as well as to provide a user-friendly experience by offering on both the website and mobile apps clear guidance on digital asset investments.

Despite the unprecedented global Covid-19 pandemic and the movement order control (MCO), Hong said the digital asset industry is by far one of the best equipped and it is business as usual for us.

“In our industry, we are used to working and communicating effectively across time zones and managing teams remotely.”

Hong also explained that 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 percent.

“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, Hong also said that their priority is to provide a safe and secure platform with full transparency of what is happening in the digital asset marketplace  so that users can track movements of their preferred currency at the tip of their fingers – and can research and make a decision from there.

“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,” Hong concluded, adding that the aim is to capture both the Malaysian market as well as Southeast Asia within its expansion plans.

Tokenize Xchange, founded by Malaysian entrepreneur, Hong Qi Yu, first began its operations in Singapore back in October 2017, with over 100,000 clients to date. As an approved digital asset exchange (DAX), Tokenize Malaysia has a paid up capital of RM5 million.

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