Huobi-Backed Torum Set to Launch New Digital Asset Exchange Platform in Malaysia
by Fintech News Malaysia February 29, 2024The Securities Commission Malaysia (SC) has issued an approval-in-principle to Torum International, paving the way for the establishment of a new digital asset exchange (DAX) in the country.
This decision marks Torum as the sixth entity to receive such licensing under the Recognised Market Operator (RMO) framework, enhancing the diversity of platforms available for cryptocurrency transactions in Malaysia.
Additionally, Torum has secured approval-in-principle as the second Digital Broker (DB) under the same framework, a move that will facilitate its access to liquidity from various digital asset exchanges to ensure more equitable market pricing.
This step is part of the SC’s broader efforts to regulate and foster a secure environment for cryptocurrency trading and investment within the nation.
Torum, a subsidiary of the Malaysian-based cryptocurrency social media platform Torum Technology, was established in 2018 and a user base of over 240,000 across 100 countries with the backing of key industry players including KuCoin Labs and Huobi Ventures.
The company said that it will continue working towards securing the full approval from SC to achieve full compliance before launching its platform.
Go Yi Feng
Go Yi Feng, CEO and Executive Director of Torum International said,
“Onboarding the next generation of cryptocurrency users in Malaysia is our number one priority as we set out to redefine the cryptocurrency trading experience for Malaysians with just a few taps. Part of our mission is also to nurture Malaysians with the right mindset and understanding of cryptocurrency, paving the way for the next level of crypto adoption.
We are excited to launch our product soon and make digital asset onboarding accessible and simple for every Malaysian in a safe and regulated environment, with a long-term vision to transform Malaysia’s fintech landscape as a trusted and forward-thinking DAX operator.”
Sheikh Mohamad Zul Faris
Sheikh Mohamad Zul Faris, Chief Advisory Officer and Executive Director said,
“We are honored to be granted this conditional approval after months of dedication from our team.
Also, we are grateful to the Securities Commission Malaysia and remain committed to accelerate the crypto adoption in Malaysia and continuously foster fintech innovations in the thriving digital asset ecosystem.”
