MX Exchange has announced it has been granted full approval by the Securities Commission Malaysia (SC) to operate as Recognised Market Operator-Digital Asset Exchange (RMO-DAX).
The exchange operator is the fourth DAX permitted to operate in Malaysia, will a license to facilitate the trading of cryptocurrencies in the jurisdiction.
The platform has already gone live and is available on desktop and soon as a mobile application, with a product offering that includes Bitcoin and Ethereum against the Malaysian Ringgit.
Now that the exchange is fully operational and regulated, the trading platform announced the appointment of Dato’ Fadzli Shah as its Chief Executive Officer.
Dato’ Fadzli Shah joins MX Exchange from Malaysia Digital Economy Corporation (MDEC), where he was the Chief Strategy Officer. His extensive experience in the digital and startup worlds, both locally and abroad, will prove valuable for the firm which plans to grow and add new enhanced features to its trading platform soon.
Dato’ Fadzli Shah, Chief Executive Officer of MX Exchange, commented: “We look forward to working closely with the SC, the crypto community and local partnerships to build an amazing investor experience and expand Malaysia’s thriving local capital markets.
“There has been a marked increase in public interest of cryptocurrencies as an alternative investment, and for many, their first ever investment. We see the DAX as a key piece to enable this new generation of financial services balancing investor security and protection, toward shared prosperity.”
MX Exchange was founded in 2018 and is a DAX fully owned by Malaysians. The Kuala Lumpur-based fintech company designed the cryptocurrency exchange to be accessible and secure for merchants, consumers, and traders.
It aims to be the preferred liquidity platform for cryptocurrency investors and token issuers. The user-friendly platform offers end-to-end solutions in storing, buying and selling cryptocurrencies within its exchange.
MX Global’s compliance management system reflects strong integration of cyber-security controls, according to the firm. The regulatory approval is a statement to that.
It took a month for the application to be registered as a recognized market operator of a digital asset exchange (RMO-DAX) to the Securities Commission of Malaysia to be approved.
“It’s finally happening! We are officially registered as a Recognised Market Operator-Digital Assets Exchange (RMO-DAX) for trading of cryptocurrency in Malaysia by the Securities Commission Malaysia (SC). The good news is we are now ready and look forward to the opportunity to serve you”, said the official statement.