SC Grants First Full Digital Asset Custodian License to CoKeepsby Fintech News Malaysia November 13, 2023 3 comments
CoKeeps announced its launch as a Digital Asset Custodian (DAC), being the first to secure a full license from the Securities Commission Malaysia (SC). The SC had previously granted in-principle approval to Gambit Custody in October to be a DAC.
The firm’s services are based on its proprietary technology, which uses decentralised security and multi-party computation to remove single points of failure. Its features include cold wallets, hot wallets with API access and smart contract solutions.
CoKeeps claims that this makes it more secure than traditional custodial services, which are often vulnerable to hacking and other attacks.
The custodian added that it is currently engaging with other regulated entities in the capital market, such as digital asset exchanges, fund managers, and financial institutions.
This is in anticipation of the growing demand for digital asset custody services, as more and more traditional financial institutions are starting to invest in this asset class.
“After three years of hard work building a robust DAC solution with the guidance of the SC, we are honored to be the first company approved to operate under the SC’s Guidelines on Digital Assets.
The SC is at the forefront of global regulators in developing a methodical approach to regulating digital assets, and its guidelines provide a clear roadmap for the safe and responsible development of this asset class,”
said Suhanna Husein, CEO of CoKeeps.