With more Malaysians investing in cryptocurrencies, it is no surprise that more digital assets have been given the green light to be traded here. This is a move that could encourage more Malaysians to look at cryptocurrencies as part of their investment portfolio as these platforms become more popular than ever.
Adding on to the current list
In a recent report, the Malaysian SC (Securities Commission) has awarded a provisional approval for Bitcoin Cash to be traded by Malaysian investors. It goes with the token BCH and now joins 4 other known digital assets. Currently, the other approved cryptos are Bitcoin (BTC), Ripple (XRP), Litecoin (LTC) and Ethereum (ETH).
Using authorized platforms
This move is seen as a positive one as the country move towards the digital assets trading trend. With market demand on the rise, the SC is confident that it will drive more traders to use regulated platforms. The approval comes after the approval of the 4 others within a year.
Moving forward, more digital assets will be considered and would be approved and they were chosen because they are the most traded around. There are 3 authorized DAXs (Digital Asset Exchanges) approved by the SC currently namely Tokenize, SINERGY and Luno which is the largest. Other known platforms can be used but as they are not regulated, the SC has reminded the general public that they are not protected, especially their investments. This includes eToro and Binance which are among the most popular names globally. SC releases a list of unauthorized exchanges which can be found on their website.