Malaysian SC Approve Bitcoin Cash

April 26, 2021

Reading Time: 2 minutes

The Malaysian Securities Commission (SC) recently granted Bitcoin Cash (BCH) provisional approval. Chin Wei Min, SC’s executive director for digital marketing and creativity, announced the approval for BCH during a live interview. Malaysian citizens will now accept BCH as a digital asset and sell it on registered crypto platforms.

With the approval of BCH, the nation now has a total of five crypto assets available for trading. Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and BTCare are examples of such assets.

Malaysian legislative bodies are working to encourage people to only use regulated sites. Many questioned whether it would be contrary to the SC’s aim of increasing the number of people who use controlled sites if the regulatory body had to sanction them first.

The five accepted cryptos are currently the only widely traded assets in the world. The clearance of Bitcoin Cash, on the other hand, is made public first.

SC Is Willing to Regulate More Cryptocurrencies

According to Chin, the nation began with just three cryptocurrencies and has since grown to five. Furthermore, the additions are made in response to consumer demand. Furthermore, Chin mentioned that the SC is willing to collaborate with and authorize more cryptocurrencies. Malaysia currently has three sites for exchanging digital currencies. Luno, SINEGY, and Tokenize are among the sites that have issued green signals for crypto trading.

Residents have been cautioned not to deal on unregulated websites, according to the SC, to avoid possible scams and investment problems. As a result, the regulatory enforcement retains an investor warning list of entities and websites engaged in controlled practices without a license.

The SC has issued an alert about illegal cryptocurrency trading sites in Malaysia. Remitano, a peer-to-peer website, has recently been flagged as unlawful by regulatory enforcement. Furthermore, SC collaborated closely with the MCMC to prevent the platform from being used in the region. On the other hand, regulators consider a few big crypto-asset exchanges, such as Binance and eToro, to be unlawful.

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