Torum Receives Provisional License From SC To Operate New Crypto Exchange

Alex Cheong Pui Yin

29th February 2024 - 2 min read

Malaysian investors are set to welcome a sixth digital asset exchange (DAX) in the local cryptocurrency landscape, following Torum International’s success in obtaining an approval-in-principal from the Securities Commission Malaysia (SC) to operate as a recognised market operator (RMO) within the country.

In addition to that achievement, the homegrown entity also received an approval-in-principal to operate as a digital broker within the same framework, becoming the second to do so after Hata. This licence will allow Torum to access liquidity from other digital asset exchanges, ensuring fairer market prices for its users.

With these updates, Torum will now need to meet the full compliance requirements set by the SC before it can officially launch its platform. Briefly, all operators have up to nine months to fulfil all the regulatory requirements upon receiving their conditional approval from the SC.

In announcing this milestone, Torum said that it is looking to streamline and simplify the crypto investment journey for Malaysians, enabling more individuals to trade, send, and store cryptocurrencies securely.

“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,” said the chief executive officer and executive director of Torum, Go Yi Feng.

Chief advisory officer and executive director of Torum, Sheikh Mohamad Zul Faris also expressed similar sentiments, stating that the platform is “committed to accelerating crypto adoption in Malaysia and fostering fintech innovations in the thriving digital asset ecosystem.”

*Screenshot of Torum Technology social media platform*

For context, Torum International is a subsidiary of Malaysia-based Torum Technology, described as a “SocialFi Metaverse ecosystem” that was established back in 2018 to connect crypto enthusiasts for them to share relevant content. With more than 240,000 users from 100 countries world-wide, Torum Technology had also previously received financial support from major industry players, including KuCoin Labs and Huobi Ventures.

Lastly, the other five DAX that are also approved to operate in Malaysia – aside from Torum as the latest entrant – are Luno Malaysia, MX Global, Sinegy DAX, Tokenize Technology, and Hata Digital.

(Sources: FintechNews Malaysia, Blockhead)

5 1 vote

Article Rating

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

See all articles