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Malaysia Minute: Gambit Receives Conditional Approval From SC; Zetrix Launches IEO

Gambit Custody becomes latest entity to be awarded in-approval from SC Malaysia to operate as a regulated Digital Asset Custodian. Public Layer 1 blockchain Zetrix aims to raise $5 million in IEO expedition with Coinstore.

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Gambit Custody Sdn Bhd has become the latest player in the digital asset space to receive in-principle approval from the Securities Commission (SC) Malaysia. They join the list of regulated digital asset entities, becoming one of two players to receive a Digital Asset Custodian (DAC) license.

The in-principle approval paves the way for Gambit Custody to commence operations, pending the fulfilment of regulatory requirements within the next six months.

Clifford Hii, CEO, Gambit Group

Leading Gambit Custody is Clifford Hii, a veteran in the Fintech space and former group managing director of HCK Capital Group, a public listed company in the property development and education sector.

“We aim to become the go-to provider for secure digital asset custody in Malaysia and beyond. While the digital asset industry is rapidly evolving, we recognise the need for tailored, secure and innovative solutions,” envisages Hii.

“To achieve this, we will work closely with regulators, institutions and enterprises to co-create a robust digital asset ecosystem.” 

Zetrix Continues Winter Warpath

Coming off the heels of its 140 million ZTX token sale seed round, Layer-1 Zetrix is launching an Initial Exchange Offering (IEO) on cryptocurrency exchange Coinstore from 18 - 26 October 2023. Subsequently, Zetrix tokens will be listed on Coinstore, MEXC and BitForex on the 28th of October.

Malaysia’s Tryst With IEOs: Do Regulators Get it?
With Malaysian IEOs on the horizon, are the SC’s regulatory actions truly protective measures, or are they merely veils masking a lack of understanding of this emergent financial technology?

An initiative by MY E.G. Services Berhad, Zetrix is a layer-1 public blockchain infrastructure that leverages blockchain and Artificial Intelligence (AI) to empower governments and enterprises in digitalising global trade.

Zetrix co-founder Fadzli Shah says that the IEO will now provide an avenue for global investors to partake into the potential of Zetrix, which is integrated and operational with China’s national blockchain, Xinghuo Blockchain Infrastructure and Facility (Xinghuo BIF).

The relation with the Xinghuo BIF allows users on Zetrix to leverage direct access to China’s digital economy.

“Zetrix has consistently pushed the boundaries of innovation. We are pleased to collaborate with credible digital asset trading partners Coinstore, MEXC and BitForex, which allow global cryptocurrency investors to participate and also expand distribution to support our developer community as we reinvent the future of global trade with blockchain and AI,” says Shah.

Currently, Zetrix’s $ZTX token is being listed at a price tag of 5 USDT per $ZTX for up to 1 million tokens. At time of writing, it has raised just over $600,000 of its $5 million goal, just over 24 hours following its launch.

Zetrix had previously sold 140 million ZTX in its seed round, of which 20.1 million have been released into circulation.

Given China’s status as the largest trading partner for over 120 nations and the growing momentum of blockchain-based digital trade processes, Shah believes that Zetrix’s digital offerings will serve as a catalyst in achieving mass adoption.

Last month, MYEG entered into a collaboration with China’s state-owned Guangxi Beitou IT Innovation Technology Investment Group to utilise the Zetrix blockchain for cross-border credentials verification services, which enable the digital transformation of crucial documents, including government-issued identity credentials.

The blockchain-based platform enables the verification of certificates of origin for exports to China and vice-versa, using express clearance and tariff exemptions under the RCEP and the ASEAN-China Free Trade Agreement (ACFTA).

Earlier in July, the Philippines became the second country after Malaysia to deploy Zetrix blockchain-based customs clearance and processing services for trade flows between the Philippines and China. MY E.G. Services (MYEG) and its Philippines-incorporated companies, signed agreements for a collaboration with the Philippines Bureau of Customs (BOC) and with Cargo Data Exchange Center Inc. (CDEC).

Upcoming Events

23 October, Monday, 2:00 PM: ACCESS WEB FORUM: NFTs, Digital Art, Collectables and More, Facebook livestream by Access Blockchain Malaysia

26 October, Friday, 2:00 PM: Digitalizing the Future: Exploring Web3.0 and MDEC Digital Ecosystem @Malacca Hope City, Cohex 2023, by Web3 Melaka

27 October, Friday, 2:00 PM: ICP HUB MALAYSIA KICK-OFF @DADI Cinema Pavilion KL, by Internet Computer Protocol Malaysia.

28 October, Saturday, 5:00 PM:  Web3 TrailBlazers: KL Edition @ MDEC Bangsar South, by Women in Blockchain Asia

2 November, Thursday, 9:00 AM: National Technology Innovation Sandbox Tea Talk 3.0 @ MRANTI Park, by MRANTI.