CoKeeps gets nod for DAC licence

KUALA LUMPUR: Homegrown startup CoKeeps has received approval from the Securities Commission to be Malaysia’s first qualified Digital Asset Custodian (DAC).

The recognition from the SC qualifies CoKeeps to offer a third-party service in the safeguarding of cryptocurrencies in a regulatory complaint manner, it said in a statement.

According to CoKeeps CEO Suhanna Husein, the approval comes after three years of building a DAC solution with the guidance of the SC.

“We are committed to working closely with the SC to ensure that our DAC solution meets the highest regulatory standards, and we are excited to play a leading role in the development of the digital asset ecosystem in Malaysia,” she said.

Suhanna said CoKeeps’ security features are unique as the infrastructure is built against both external and internal threats.

She said the services offered by CoKeeps are based on its core proprietary technology, CoKeeps Wallet, which is an institutional-grade digital asset management tool utilising decentralised security and multi-party computation (MPC) methodology.

“With this technology, we are able to remove single points of failure commonly found in storing crypto,” she said.

The features offered include cold wallets, hot wallets with API access and smart contract solutions, she added.

CoKeeps is currently engaging with other regulated entities in the capital market such as recognised market operators, including digital asset exchanges for digital currencies and initial exchange offerings for digital tokens.

“Furthermore, fund managers and various financial institutions are incorporating the digital asset class to broaden their offerings.

“This expansion necessitates ready-made solutions, such as ours, to ensure compliance,” said Suhanna.