Today marks a momentous development for the Digital Asset /Cryptocurrency market in Malaysia. The Securities Commission of Malaysia officially announced that SINEGY Technologies (M) Sdn Bhd (“SINEGY”) would be one of three companies, selected from an initial list of twenty-two, to be granted conditional approval as a digital asset exchange operator in Malaysia. SINEGY is especially proud to be the only homegrown Malaysian franchise to be approved.
With the conditional approval, SINEGY will continue to work hand in hand with the Securities Commission to strengthen compliance processes to ensure that investors trade in this asset class in the safest manner possible. SINEGY fully intends to meet with all regulatory requirements within the stipulated 9-month period; until then, SINEGY will not be on-boarding new clients. SINEGY will continue to keep clients and investors updated on any new regulatory developments.
The Securities Commission of Malaysia has proven to be very progressive and is amongst one of the earliest movers globally to govern Digital Assets. Kelvyn Chuah, Managing Director of SINEGY, who has had many years of experience working on equity trading desks for global institutions in New York, emphasises the importance of proper regulation in this emerging asset class to be able to scale. “This is a nascent asset class. For it to grow, regulators require operators to have mechanisms in place to protect the end users and also to educate the market. Only then can we start to see the positive impact.”
SINEGY has been a proponent of regulation in Digital Assets from the start. Since inception, SINEGY has cooperated with regulators to ensure proper innovation and sustained growth in a safer environment for all. Today, SINEGY is proud of the validation. Kelvyn Chuah further shared that “As a Malaysian team, we feel honoured to be part of a global transformation in finance. We aim to scale the company further by recruiting local talents. Thanks to progressive regulators, the future for fintech burns bright in Malaysia."
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