Reportedly Crypto exchanges in the country are required by law to register with the SC and subsequently earn approvals. The three exchanges are purportedly the only ones, who have registered their digital asset exchanges to operate in Malaysia, as stated by Luna in a statement with Cointelegraph. Luno General Manager of Southeast Asia David Low said:
On January 15, the SC introduced the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019, which was soon followed by revised Guidelines on Recognized Markets on January 31.
A similar action was taken by the Canadian Securities Administrators and the Investment Industry Regulatory Organization of Canada. Though the papers released by them for public feedback on proposed regulations for cryptocurrency garnered heavy disagreement and criticism from a major Canada-based exchange Kraken.
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