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Malaysia Gets Cryptocurrency Trading Permission By SC SAC

In the recent announcement, Malaysia gets the approval to start cryptocurrency trading services legally in the country. 

The trading of four digital assets got approval. The complete details on digital assets yet to reveal.

Towards the mission of becoming the hub for Islamic banking and finance on July 7, during an online conference, the Securities Commission of Malaysia Shariah Advisory Council (SAC) has given the permission and confirmed that cryptocurrency trading is legal in Malaysia. Reported by an online news portal theedgemarkets citing a report from the conference Invest in Malaysia 2020.

The Malaysian Shariah Advisory Council is the watchdog that administers the enactment of Islamic laws in the operation of Islamic banking and financial institutions. SAC was formed under the Central Bank of Malaysia Act 1958 (CBMA) on August 3, 2007.

From the Securities Commission board, the chairman, Datuk Syed Zaid Albar, broadcasted the latest step on crypto regulations on behalf of the SAC.

“The SC Shariah Advisory Council has resolved that in principle, it is permissible to invest and trade in digital currencies and tokens on registered digital asset exchanges”…“This is a ground-breaking resolution by the SAC (Shariah Advisory Council) that could spur greater development and investment in digital assets.”

SAC Approves Three Digital Assets Exchanges

Reportedly, three cryptocurrency exchanges have got the approval to start the digital asset trading operations in Malaysia- Luno, Sinegy, and Tokenize.

Though, with the approval from SAC, regulated digital asset exchanges can begin their full-fledged operations except for non-compliant activities.

This latest news from Malaysia is considered as a landmark update for other nations to follow the suit and start taking actions to clear the status of regulation for the cryptocurrency-focused users and institutions.

KoinPost has reached out to the members of these exchanges to know more about the updates. The revert with complete information is yet to receive.

Earlier this year, on March 6, in a landmark judgment, the Indian Supreme Court had permitted cryptocurrency trading and commerce in the country. Though, the regulations are still faddy and uncertain.