CoKeeps has been given the green light by the Securities Commission Malaysia (SC) to begin operating as a digital asset custodian, becoming the first of such entities in Malaysia to be given this approval. It will be offering its solution called CoKeeps Wallet.

“CoKeeps Wallet is an institutional-grade digital asset management tool utilising decentralised security and multi-party computation technology that is able to remove single points of failure, a challenge commonly found in storing crypto,” said the co-founder and chief executive officer of CoKeeps, Suhanna Hussein.

Suhanna further explained that the features of CoKeeps Wallet include hot and cold wallets with application programming interface (API) access and smart contract solutions. Briefly, hot wallets are crypto wallets that can be connected to the Internet through your devices, while cold wallets are hardware devices that keep your data offline.

In terms of security, Suhanna stressed that CoKeeps’ security features are also unique as its infrastructure is “built against both external and internal threats”. This is because the global crypto community has yet to see a comprehensive solution that could address the risk of insider threats to date.

The firm is currently linking up with other regulated entities in the capital market – including digital asset exchanges and initial exchange offering platform operators – to promote its digital asset custodian services. “Furthermore, fund managers and various financial institutions are incorporating digital asset classes to broaden their offerings. This expansion necessitates ready-made solutions, such as ours, to ensure compliance,” she said.

Suhanna also shared that although the digital asset industry has suffered some setbacks due to the collapse of crypto exchange FTX last year, global funds and financial institutions like BlackRock and Franklin Templeton are still doubling down on investments in digital assets. In fact, there are plans to launch bitcoin exchange-traded funds, and this development will require the expertise of advanced custodial services – beyond the usual scope of traditional custodial services – she said.

“After three years of hard work building a robust DAC (digital asset custodian) solution with the guidance of the SC, we are honoured 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 road map for the safe and responsible development of this asset class,” Suhanna stated.

(Sources: The Edge Malaysia, New Straits Times)

• TAGS:
• CoKeeps
• CoKeeps Wallet
• Cryptocurrency
• Digital Asset Custodians (DAC)
• Digital Assets
• Securities Commission Malaysia
• Suhanna Hussein