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Homegrown Startup Torum Wins Provisional License for Crypto Exchange in Malaysia

This approval from the Securities Commission Malaysia not only solidifies Torum's position in the digital asset exchange market but also underscores Malaysia's growing significance as a hub for cryptocurrency adoption and fintech innovation.

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In a significant development for Malaysia's digital asset landscape, Torum International has received an approval in principle from the Securities Commission Malaysia (SC) to operate a digital asset exchange (DAX) in the country, the platform announced Thursday.

This milestone positions Torum as the sixth regulated DAX in Malaysia, marking a pivotal moment for the homegrown startup in the burgeoning cryptocurrency sector. The other five licensed DAX operators are Hata, Luno, MX Global, Sinegy, and Tokenize.

Granted under the Recognised Market Operator (RMO) framework, the approval also distinguishes Torum as the second Digital Broker (DB) within the same framework. This unique status enables Torum to access liquidity from other digital asset exchanges, ensuring fairer market prices for its users.

According to Torum, its mission is to simplify the cryptocurrency onboarding experience for Malaysians, making it easier for individuals from all walks of life to trade, send, and store cryptocurrencies within a regulated and secure environment. With this conditional approval, Torum is now focused on meeting the full compliance requirements set by the SC to launch its platform officially.

Go Yi Feng, chief executive officer and executive director of Torum International, expressed his enthusiasm for the approval, stating, "Malaysia has always been an underrated hub with tremendous potential for cryptocurrency adoption.” He further emphasized the company's commitment to onboarding the next generation of cryptocurrency users in Malaysia and redefining the trading experience to be as straightforward as possible.

Sheikh Mohamad Zul Faris, chief advisory officer and executive director of Torum, said his team is "committed to accelerating crypto adoption in Malaysia and fostering fintech innovations in the thriving digital asset ecosystem."

Torum International is a subsidiary of Torum Technology, a Malaysia-based cryptocurrency social media platform that has been operational for six years. Serving over 240,000 cryptocurrency users across 100 countries, has garnered support from notable industry institutions such as KuCoin Labs and Huobi Ventures.