The Malaysian Securities Commission (SC) has added Atomic Wallet, a Web3 wallet service, to a list of financial firms prohibited from operating in the country. The Supreme Court accused Atomic Wallet of “[o]perating a digital asset exchange (DAX) without registration.”
Atomic Wallet was the victim of a major hack in 2023, resulting in losses exceeding $100 million for users. The company has since been the subject of lawsuits.
This move by the SC highlights the regulatory scrutiny facing cryptocurrency-related firms in Malaysia. The SC has taken a proactive approach to regulating the digital asset space, aiming to protect investors and maintain financial stability.
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